GettyThe lack of a reliable battery technology that can alleviate “range anxiety” for electric vehicles has held back their development. Announcing the consortium in Paris, the French and German finance ministers said €5-6 billion ($5.6-6.7 billion) would be invested in the project. Sefcovic said Europe is capable of having its own battery production in place within five years if it acts now on investment. The announcement came as the EU held its third political meeting of the European Battery Alliance since it was launched in October 2017. The platform is made up of the European Commission, certain EU countries, the European Investment Bank, industry stakeholders and research and development experts.

Source: Forbes May 02, 2019 15:33 UTC