Europe ramps up development of local EV battery sector in race to zero emissions

Startups, automakers jostle or unite to ride the fast-growing EV battery market, as the EU pumps billions into developing its own value chain, to cut reliance on imports

Several years behind its Asian competitors, the development of Europe’s EV battery cell industry is at last gathering pace. Spurred by the EU’s Covid economic recovery stimulus spending and net-zero emission targets, a slew of gigafactory projects has been announced in the past 18 months. Pure battery players and automakers, both local and foreign, are in the fray, setting up a race for clients, market share and crucial raw materials. 

Last year, EV sales in Europe rose despite Covid-19 and the automotive sector’s overall downturn because of policy weighted in favor of EVs, deemed “increasingly important to meet the [bloc’s emission] targets,” the International Energy Agency said in its Global EV Outlook 2021.  

Under the EU’s commitment to achieving net-zero greenhouse gas emissions by 2050 and the €1tn Green Deal put forward by the European Commission in July last year, the average emissions of new cars will be required to come down by 55% from 2030 and 100% from

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