The European Commission announced an action plan on the 5th aimed at promoting the robust and sustainable development of the automotive industry and helping it unleash its innovative capabilities. The plan will provide 1.8 billion euros specifically for building a competitive supply chain for battery raw materials.
According to a communiqué released by the European Commission on the same day, this action plan is based on the "Strategic Dialogue on the Future of the European Automotive Industry" launched by the European Commission in January this year. It aims to enhance the competitiveness of European car manufacturers by fostering cooperation, promoting targeted financing, and simplifying regulations.
The plan will allocate 1.8 billion euros to establish a competitive supply chain for battery raw materials, which is expected to improve the cost competitiveness of electric vehicle battery cells and components produced in the EU in the short term. The plan also includes a "Battery Booster" package, which supports the production of electric vehicle battery cells and components through direct funding and other forms of assistance.
Additionally, the EU plans to introduce relevant legislation this year to clarify local content requirements for electric vehicle batteries and their components.
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