This article was last updated on March 26, 2023
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Geopolitical battle for EV Batteries
Could Europe and the US be engaged in a subsidy race as they compete for battery production? The production of batteries, crucial for a sustainable future, has become a geopolitical battle, with countries vying to become the leading producer.
Currently, Europe is heavily reliant on China for batteries, but the European Commission has launched plans to increase battery production for Europe. However, the US is also offering billion-dollar grants and tax breaks to lure sustainable technology producers to America, leading to concerns that Europe may lose the battery battle.
To prevent this, the European Commission has relaxed state aid rules and plans to produce 90% of batteries in Europe by 2030. However, critics warn against a subsidy race between Europe and the US and the wastage of taxpayers’ money. Meanwhile, companies like Eleo, which produces battery systems for electric construction machines, are expanding and looking to build gigafactories worldwide, including in Europe and the US.
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