France invests 700 million euros in battery industry for electric cars

France will invest 700 million euros in the battery industry for electric cars over the next five years. The investment is part of a collaboration in this area with Germany.

The intention is to have a battery factory in France and one in Germany. In November last year, Germany already announced that it would invest one billion euros in battery production on European territory. The cooperation between France and Germany should lead to less dependence on Asian industry in this area. The plans also include the production of charging points for electric vehicles.

Europe has no significant manufacturer of battery cells. The market is dominated by the Chinese CATL, the Korean LG Chem and Samsung SDI, among others. According to the French president, a wake-up call is needed: “In terms of sovereignty and independence, I don’t think in the long term it is good for our industry and those in Europe to be 100 percent dependent on non-Europeans,” Macron said, according to Euractiv. at a meeting of the International Organization of Motor Vehicle Manufacturers in Paris.

Earlier reports indicated that production in Germany is expected to start sometime in 2021. It is not known when French production should start. In a European context, there has been a desire for some time to produce vehicle batteries. France and Germany have taken the lead on this.