French car battery startup secures €2bn as EU looks to wean itself off Chinese tech

September 19, 2023

By Siôn Geschwindt

French car battery startup Verkor has secured €2bn to build its first manufacturing plant in France, at a time when Chinese competitors are rapidly gaining market share in Europe.   The funding round includes €650mn in French subsidies, a sizeable level of state support indicative of the government’s commitment to boosting local production of lithium-ion batteries — the beating hearts of electric cars.   Construction of the mega-factory will kick off next month and is expected to create 1,200 jobs in the region. Verkor predicts the plant will be able to equip 200,000-300,000 electric cars a year once it enters operations, scheduled…

This story continues at The Next Web

Source:: The Next Web

No comments

You must be logged in to post a comment.
To ensure attendees get the full benefit of an intimate technology expo,
we are only offering a limited number of passes.
Get My Pass Now!