EU to commit $3.5B to EV battery production to stop China’s dominance

The European Union is reportedly working on plans to help fund electric vehicle (EV) battery production within the bloc to prevent potential dominance from China. According to reports, the EU looks set to commit $3.5 billion to 42 companies, including Tesla, BMW, and Stellantis, to support them with Europe-based battery development and production. The EU Commission has approved the project, which will run until 2028. [Read: How Netflix shapes mainstream culture, explained by data] It seems the EU is intent on supporting the burgeoning EV market in the region to prevent China-based manufacturers acquiring too much dominance. At present, some…

This story continues at The Next Web