EU seeks to boost demand for electric cars - Targets local battery production, support for companies
The European Commission plans measures aimed at increasing demand for electric vehicles in the European Union and plans to include requirements for local production of their batteries.
The EU executive will publish an action plan on March 5 to ensure that EU carmakers can electrify their fleets and compete with more advanced Chinese and American rivals.
The draft will propose to the 27 EU member states actions they can take to accelerate the growth of electric vehicles, which account for about 60% of the bloc's new cars.
The plan aims to find ways to incentivize purchases and financing options for them, and is also proposing that zero-emission heavy vehicles be exempt from road tolls.
New electric vehicle sales fell 5.9% in 2024, with limited charging infrastructure said to be partly to blame. The sudden end of subsidies from Germany and the lack of affordable electric cars have also contributed to the sales slump.
The Commission's draft acknowledges that the European automotive industry risks losing its presence in the electric market and faces significantly higher costs compared to competitors, particularly in batteries, which account for 30-40% of the value of a car.
The Commission aims to boost European production of key components that make up electric cars. The EU executive is also considering support for companies that produce batteries in the European Union. This could also be available to foreign firms, as long as they partner with companies in the bloc to allow for the exchange of expertise and technology.
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