Home ETAuto European Union aims to be self-sufficient in EV battery manufacturing

European Union aims to be self-sufficient in EV battery manufacturing

New Delhi: European Union is planning to become self-sufficient when it comes to battery production for electric vehicles. The EU has already joined hands with manufacturers, development banks and commercial lenders to create an ecosystem to invest $113 billion for the lithium-ion battery pack production to power EVs.

For this strategy, the EU is looking at the Chinese way. EV battery production grew there exponentially helping the Chinese EV industry to increase further. Besides that, China has also become the export hub for EV batteries.

This move to locally manufacture the EV batteries will generate more jobs as well. Currently, around 13.8 million jobs representing 6.1% of the total employment is linked to traditional auto manufacturing in the EU countries. The European Investment Bank has given preliminary approval to a $392 million loan supporting NorthVolt AB’s bid to set up a battery gigafactory in Sweden.

Research reveals that around 57% of the total cars will be fully electric by 2040. This will create a huge market for electric vehicle battery manufacturers. EU is aiming to tap into that. However, with China already way ahead, this is going to be a tough battle for the EU countries.

However, European Commission Vice President Maros Sefcovic has said, “We have overcome an initial resignation that this battle would be a lost one for Europe.”Currently, Europe controls 4% of the global battery cell manufacturing industry. With the latest initiative of the EU, it could go up to 11% amounting $281 million per year.

SourceETAuto

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Most Popular

Ease in EV infra-financing shall be the turning point for E-Mobility adoption in India- Abhijeet

India is 4th largest automobile manufacturing country on globe but E-mobility during its early years of inception was not a viable business option in...

GEO-Fencing TECH on E-Highway endow EV financing- Abhijeet

TECH application: How GEO-fencing enabled people to hire car without driver Use of technology to improve user’s experience is the hallmark of any industry....

‘Vaccines alone won’t save India’ – says COVID panel Scientists to PM : New Your Times

If you are terrified with disturbing headlines Arvind Kejriwal, Rahul Gandhi, Shashi Tharoor throwing to media to peddle their political rumours on vaccine formula,...

‘Scientists’ turned into ‘Economists’ to review PM Modi preparedness against 2nd Wave? asks Abhijeet

Beware of this new breed of #Economist who claim to offer a mind-blowing solution on social media for funding of COVID vaccine by dividing the...