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The European Commission's anti-trust body has approved billions of euros in state aid to the electric battery industry. The move is aimed at helping the EU catch up in the strategic production sector, DW reported.
EUR 3.2 billion ($ 3.5 billion) mega-subsidy from Germany, France, Italy, Poland, Belgium, Sweden and Finland will go to 17 companies and will help generate an additional € 5 billion in private investment, according to a release cited by AFP.
The move is part of a major push led by Germany and France to prepare Europe for the transition from gas and diesel combustible to electric engines due to environmental concerns.
The European automotive industry employs over 10 million people and the EU - led by Germany and France - is deeply concerned about Europe's dependence on car batteries from Asia.
"Battery production in Europe is of strategic interest for our economy and society because of its potential in terms of clean mobility and energy, job creation, sustainability and competitiveness," Margrethe Vestager, the EU commissioner in charge of competition policy, said.
The Commission, which commits itself to EU antitrust legislation, usually adheres to a strict anti-subsidy policy, but gave more freedom to countries to support strategic transnational projects in 2014.
The subsidies are part of an EU campaign called the European Battery Alliance.
The campaign, launched in 2017, covers companies such as German car giant BMW and chemical multinationals BASF and Solvay.
A recent survey in Bulgaria reveals a clear preference among citizens for the European Union and NATO over Russia, with nearly twice as many respondents supporting the Western alliances
The NATO defense ministers' meeting in Brussels and the Munich Security Conference have drawn significant attention this week, with US President Donald Trump's approach to Ukraine and Russia
The European Parliament has reiterated its refusal to recognize the self-proclaimed authorities of Georgia
In 2023, the number of female scientists and engineers in the European Union reached 7.7 million
The European Commission has warned that it will take retaliatory measures if the United States moves forward with new tariffs on steel and aluminium
The authorities in Transnistria, a self-declared breakaway region of Moldova, have rejected €60 million in aid offered by the European Union to address the region’s ongoing energy crisis
US Vice President JD Vance delivered a critical speech at the Munich Security Conference
US Defense Secretary Pete Hegseth stated that Europe cannot indefinitely rely on the US military presence
The NATO defense ministers' meeting in Brussels and the Munich Security Conference have drawn significant attention this week, with US President Donald Trump's approach to Ukraine and Russia
The European Parliament has reiterated its refusal to recognize the self-proclaimed authorities of Georgia
A major police operation is underway in Munich after a car plowed into a crowd of demonstrators near the city's central train station
The European Commission has referred Bulgaria, along with Spain, Hungary, the Netherlands, Austria, Portugal, and Finland, to the Court of Justice of the European Union for failing to transpose
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