Germany and France agree on support for Europe’s auto industry — Deutsche Welle

Germany and France have agreed to support the European automotive industry, including the development and production of electric vehicles in Europe. This is stated in a joint declaration by the two countries, Deutsche Welle reports.

Electric vehicle production in Europe

The plan provides for reducing CO2 emissions, as well as supporting the development and production of electric cars in Europe. Germany and France said they seek to transform the automotive sector while maintaining climate goals and ensuring that the cars of the future are produced in Europe.

The agreement also includes incentives for investment, research and production. No other parameters of the agreement were provided in the statement.

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Competition with Chinese manufacturers

European carmakers are struggling to compete with Chinese companies in the electric vehicle market, which has already led to cost-cutting measures in the industry.

Lower Saxony Minister-President Olaf Lies called the agreement a strong signal in support of Europe’s automotive industry and the preservation of jobs. Volkswagen’s headquarters are located in Wolfsburg; Lies also serves on the company’s supervisory board.