France, Germany plan to create leading battery industry

French Economy and Finance Minister Bruno Le Maire, left, and his German counterpart Peter Altmaier pose before a meeting in Paris, Thursday, May 2, 2019. France and Germany unveiled details of a plan to create a leading electric battery industry in Europe, from extraction of raw materials to recycling.(AP Photo/Christophe Ena)

France and Germany have unveiled details of a plan to create a leading electric battery industry in Europe, from the extraction of raw materials to recycling

PARIS — France and Germany have unveiled details of a plan to create a leading electric battery industry in Europe, from the extraction of raw materials to recycling.

French Economy minister Bruno Le Maire said about 5 billion euros ($5.6 billion) are to be invested in the Franco-German project, including 1.2 billion euros of public subsidies.

A pilot plant will be based in France and two production plants, each of 1,500 employees, will be built in both countries.

Le Maire said during a visit by his German counterpart Peter Altmaier to Paris: "This is an example of what Europe can do when united."

European Commission Vice President Maros Sefcovic welcomed the move as EU production represents only 3% of the world market and wants to compete with the U.S. and China.

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