France, Germany Plan to Create Leading Battery Industry

France and Germany have unveiled details of a plan to create a leading electric battery industry in Europe, from the extraction of raw materials to recycling.

Mnet 211145 France Germany Plan To Create Leading Battery Industry

France and Germany have unveiled details of a plan to create a leading electric battery industry in Europe, from the extraction of raw materials to recycling.

French Economy minister Bruno Le Maire said about 5 billion euros ($5.6 billion) are to be invested in the Franco-German project, including 1.2 billion euros of public subsidies.

A pilot plant will be based in France and two production plants, each of 1,500 employees, will be built in both countries.

Le Maire said during a visit by his German counterpart Peter Altmaier to Paris: "This is an example of what Europe can do when united."

European Commission Vice President Maros Sefcovic welcomed the move as EU production represents only 3 percentĀ of the world market and wants to compete with the U.S. and China.

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