France to invest EUR 700 million in electric car batteries
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France is planning to invest EUR 700 million over the next five years in order to incite the production of batteries for electric cars.
Advisers to the French president, Emmanuel Macron, said that he would announce this at his dinner with representatives of international car manufacturers in Paris on the occasion of the 100th anniversary of the International Organization of Motor Vehicle Manufacturers.
In November 2018, the German government announced that it had set aside around EUR 1 billion to support the production of batteries.
France and Germany want to raise the production of batteries in Europe to a new level in order to remain internationally competitive and reduce the dependence of European car manufacturers on Asian suppliers.