Europe secured investments of €60 billion to produce electric vehicles (EV) and batteries in 2019 - 19 times more than in 2018, a new analysis from the Transport & Environment’s report shows on Monday.
According to the report of the Brussels-based non profit organization, The European Federation for Transport and Environment, commonly referred to as Transport & Environment, industry and governments committed 3.5 times more to EV and battery production in Europe than they did in China driven by EU car CO2 targets.
The NGO stated in the report that EU and national post Covid-19 aid to the stricken car industry should build on this investment.
It stipulated that this aid should support a green recovery by prioritizing EV production and purchasing incentives to boost zero-emission car sales, especially in corporate, taxi and car-sharing fleets.
According to the report, Germany got the biggest chunk at €40 billion, coming mainly from the Volkswagen (VW) Group, and Tesla which announced a plant in Berlin.
"The Czech Republic received €6.6 billion, also thanks to VW, which plans to produce 75 all-electric models worldwide by 2029," the report stated and added that Italy secured €1.75 billion in EV investments last year from Fiat, while France, Sweden and the UK each got around €1 billion from car manufacturers.
Finally, Spain received close to €300 million from Opel, and Croatia got €80 million from Hyundai and Kia.
Saul Lopez, e-mobility manager at T&E, said that a few years ago Europe was nowhere in the race for EV supremacy but this is about to change.
"EU CO2 targets concentrated carmakers and governments’ minds to invest €60 billion in electric cars and batteries and finally close the gap with China. Success in this market is now Europe’s industrial policy, and lawmakers should double-down with stimulus measures that will also drive a green recovery," he said.
By Gulsen Cagatay