Germany’s $1.2 Billion To Fund Tesla Battery Plant, Reduce Dependence on China

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Tesla is preparing to build a battery factory in Germany that is expected to be the largest in the world, according to a Feb. 20 report by Epoch Times. In recent news, Germany will fund Tesla to the tune of $1.2 billion, which is part of a battery project recently approved by the European Union, when Europe will reduce its dependence on Chinese battery production lines.

On Feb. 18, ChargedEVs reported that the European Union recently approved a program to support battery innovation in Europe, with EU member states providing a total of 2.9 billion euros (about $3.5 billion) in funding to 42 companies, including automakers such as Tesla and BMW.

It is reported that the German federal government and the northeastern German state of Brandenburg (Brandenburg) may fund Tesla a total of 1 billion euros ($1.2 billion). Brandenburg will be the site of Tesla’s “Gigafactory 4”.

In addition to Tesla, BMW, Fiat Chrysler of the Stellantis Group and Valmet are among the list of beneficiary companies. Specific grant data will be available in the coming weeks.

The project will help the EU reduce its dependence on China for batteries, which currently controls about 80% of the world’s lithium battery production.

German Economy and Energy Minister Peter Altmaier said the project will create a critical battery ecosystem at scale in Germany and Europe. According to EU data, the European lithium battery market is expected to reach 250 billion euros in 2025, and the EU aims to achieve battery self-sufficiency by then.

Tesla plans to produce Model Y batteries in its German mega-factory with an initial capacity of 100 GWh per year, more than double the output of the Nevada mega-factory in the U.S. The German plant will eventually reach a capacity of 250 GWh per year.

In late January of this year, Tesla received pre-approval from the German federal government to begin preparations to build a German battery factory. Tesla CEO Musk (Elon Musk) revealed last November that he was confident that the German factory would be the world’s largest battery factory.

In addition, China’s largest battery factory, Ningde Times, is currently building a battery factory in Germany. The German Volkswagen Group has also built its first plant dedicated to recycling electric vehicle batteries in Salzgitter, Germany.

Source: Epoch Times

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SerXer007
14 days ago

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