Electric car maker tesla (Tesla).
Tesla is preparing to build a battery factory in Germany that is expected to be the largest in the world. In recent news, Germany will fund Tesla to the tune of $1.2 billion as part of a battery project recently approved by the European Union, which will reduce Europe’s reliance on Chinese battery production lines.
On Feb. 18, ChargedEVs, an electric vehicle media outlet, reported that the European Union recently approved a project to support battery innovation in Europe, with EU member states providing a total of 2.9 billion euros (about $3.5 billion) to fund 42 companies, including Tesla, BMW and other automakers.
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 Tesla’s “super factory 4” (Gigafactory4) location.
In addition to Tesla, BMW, Fiat Chrysler of the Stellantis Group and Valmet are also on the list of beneficiary companies. Specific funding 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 percent of global lithium battery production.
German Economy and Energy Minister Peter Altmaier (Peter Altmaier) said the project will create a critical mass of battery ecosystems in Germany and Europe. According to EU data, the European lithium battery market is expected to be as large as 250 billion euros by 2025, and the EU aims to be self-sufficient in batteries 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 its Nevada mega-factory in the U.S. The German plant will eventually reach a capacity of 250 GWh per year.
In late January, Tesla received pre-approval from the German federal government to begin preparations to build the German battery plant. 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 Time” is currently building a battery factory in Germany. Germany’s Volkswagen Group has also built its first factory dedicated to recycling electric car batteries in Salzgitter, Germany.
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