France invests 700 million euros in the production of batteries for electric vehicles

France invests 700 million euros in the production of batteries for electric vehicles

February 17, 2019 0 By autotimesnews

French President Emanuel Macron announced an investment of 700 million euros in the production of batteries for electric vehicles over the next five years.

The goal of the French leadership is to stimulate the development of the industry and reduce the dependence of French automakers on Asian and Chinese suppliers.

France’s plan follows a similar decision by Germany, which previously announced an investment of about 1 billion euros in the production of batteries and support for jobs that may be threatened by the abandonment of internal combustion engines.

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According to the French-German initiative, two factories will be built in France and Germany. According to Macron, European automakers are beginning to realize the threats posed by too much dependence on Chinese suppliers in the context of international trade wars.

In addition, Macron’s strategy includes developing the infrastructure for charging electric vehicles to help automakers even more to make their electric vehicles more attractive to buyers and increase their sales.