Get 40% Off
👀 👁 🧿 All eyes on Biogen, up +4,56% after posting earnings. Our AI picked it in March 2024.
Which stocks will surge next?
Unlock AI-picked Stocks

Franco-German battery alliance 'strategically important': Le Maire

Published 05/02/2019, 06:52 AM
Updated 05/02/2019, 06:52 AM
© Reuters. European Commission Vice-President Maros Sefcovic attends a meeting on the development and production of European batteries in Paris

PARIS (Reuters) - France and Germany have agreed to invest and work together on the development and production of European batteries in part to remain competitive against the United States and China, Finance Minister Bruno Le Maire said on Thursday.

Speaking at a news conference with his German counterpart Peter Altmaier and the European commissioner for energy, Maros Sefcovic, Le Maire said the Franco-German collaboration would open the way for up to 1.2 billion euros ($1.34 billion) of public financing.

"This is of strategic importance for Europe," Le Maire said. "(The deal) will ensure Europe can remain competitive against the United States and China."

Earlier this week, France and Germany asked the European Commission to approve state subsidies for a cross-border battery cell consortium including carmaker PSA, German subsidiary Opel and French battery maker Saft.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.