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Two electric vehicle battery makers plan to spend around 10 billion euros on factories in Europe, they said on Friday, after Europe loosened state aid rules for green industry projects in a bid to... | May 12, 2023
Sweden's Northvolt said it is set to pick Heide in northern Germany for its factory as long as subsidies are approved, after months of worry that it would opt for an investment in North America over Europe, while Taiwan's ProLogium announced a plant in the French city of Dunkirk. Europe, home to carmakers such as Volkswagen and BMW, has been trying to lower dependency on Asian countries for batteries that will power green electric cars.
Taiwan's ProLogium, meanwhile, announced a new plant in the French city of Dunkirk after France offered deal sweeteners and competitive power prices, executives from the company said. Europe, home to carmakers such as Volkswagen and BMW, has been trying to lower dependency on Asian countries for batteries that will power green electric cars, though the region still relies heavily on Asia for sourcing and processing raw materials like lithium, cobalt and manganese.
Bringing Taiwan to the World and the World to Taiwan
Sweden’s Northvolt and Taiwan’s ProLogium will spend $11 billion for setting up electric vehicle (EV) battery factories in Europe.