The EU Offers 2.9 Billion Euros Funds to Enhance EV Battery Production
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The EU announced to provide multiple corporations including Tesla and BMW with 2.9 billion euros worth of funds to enhance EV battery production within the region. The EU has started public fundraising, which is estimated to reach the total investment value at 12 billion euros. The fund receivers are 42 corporations including a joint venture between Fiat Chrysler and PSA, as well as the startup EV battery developer Northvolt AB. The EU hopes to reduce too much dependence on Asian companies by enhancing EV battery production in the EU region. The European EV battery market value is estimated to reach 250 billion euros by 2025.