French car battery startup Verkor has secured €2bn to build its first manufacturing plant in France, at a time when Chinese competitors are rapidly gaining market share in Europe. The funding round includes €650mn in French subsidies, a sizeable level of state support indicative of the government’s commitment to boosting local production of lithium-ion batteries — the beating hearts of electric cars. Construction of the mega-factory will kick off next month and is expected to create 1,200 jobs in the region. Verkor predicts the plant will be able to equip 200,000-300,000 electric cars a year once it enters operations, scheduled…
Read Entire Article
