ANL 27.74 Increased By ▲ 0.24 (0.87%)
ASC 16.95 Decreased By ▼ -0.06 (-0.35%)
ASL 24.55 Increased By ▲ 0.65 (2.72%)
AVN 96.00 Increased By ▲ 2.31 (2.47%)
BOP 9.50 Decreased By ▼ -0.01 (-0.11%)
BYCO 9.79 Increased By ▲ 0.04 (0.41%)
DGKC 111.95 Increased By ▲ 1.70 (1.54%)
EPCL 48.65 Increased By ▲ 0.86 (1.8%)
FCCL 21.70 Increased By ▲ 0.43 (2.02%)
FFBL 27.40 Decreased By ▼ -0.01 (-0.04%)
FFL 19.12 Increased By ▲ 0.32 (1.7%)
HASCOL 14.52 Decreased By ▼ -0.04 (-0.27%)
HUBC 86.51 Decreased By ▼ -0.16 (-0.18%)
HUMNL 7.64 Increased By ▲ 0.31 (4.23%)
JSCL 32.28 Increased By ▲ 1.34 (4.33%)
KAPCO 41.65 Increased By ▲ 0.60 (1.46%)
KEL 4.36 Increased By ▲ 0.26 (6.34%)
LOTCHEM 16.45 Increased By ▲ 0.20 (1.23%)
MLCF 43.67 Increased By ▲ 0.65 (1.51%)
PAEL 39.85 Decreased By ▼ -0.05 (-0.13%)
PIBTL 13.05 Increased By ▲ 0.44 (3.49%)
POWER 11.68 Increased By ▲ 0.29 (2.55%)
PPL 94.50 Increased By ▲ 0.50 (0.53%)
PRL 24.25 Increased By ▲ 0.26 (1.08%)
PTC 9.40 Decreased By ▼ -0.10 (-1.05%)
SILK 1.27 Increased By ▲ 0.01 (0.79%)
SNGP 45.15 Increased By ▲ 0.15 (0.33%)
TRG 108.98 Increased By ▲ 2.53 (2.38%)
UNITY 34.11 Decreased By ▼ -0.08 (-0.23%)
WTL 1.14 Increased By ▲ 0.01 (0.88%)
BR100 4,866 Increased By ▲ 32.65 (0.68%)
BR30 24,821 Increased By ▲ 127.44 (0.52%)
KSE100 45,984 Increased By ▲ 307.52 (0.67%)
KSE30 19,148 Increased By ▲ 122.61 (0.64%)
World

EU okays mega state aid to develop electric battery giants

The EU's powerful anti-trust authority on Monday approved billions of euros in subsidies. The move is part of
09 Dec 2019
  • The EU's powerful anti-trust authority on Monday approved billions of euros in subsidies.
  • The move is part of a major push led by Germany and France to prepare Europe for the emergence of electric cars.
  • The wave of new subsidies are part of something called the European Battery Alliance.

BRUSSELS: The EU's powerful anti-trust authority on Monday approved billions of euros in subsidies from seven member states as Europe seeks to make up lost ground in the highly strategic sector of electric batteries.

The move is part of a major push led by Germany and France to prepare Europe for the emergence of electric cars, as gas combustible engines are phased out over concerns for the environment.

The European car 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.

The mega subsidy of 3.2 billion euros ($3.5 billion) from Germany, France, Italy, Poland, Belgium, Sweden and Finland will go to a consortium of 17 companies and will help generate an extra 5 billion euros in private investment, a statement said.

The commission, the EU's anti-trust enforcer, usually holds a strict line against state subsidies, but in 2014 gave more leeway for countries to back strategic transnational projects.

The wave of new subsidies are part of something called the European Battery Alliance.

The campaign, launched in 2017, was designed to entice European industry to create an Airbus of batteries, in reference to the aviation giant that was born of a similar ambition a generation ago.

Companies involved include German car giant BMW and chemical multinationals BASF and Solvay.