Europe delivers blow to Asia with $47B investment in EV battery gigafactories

As EV sales are surging, Europe is trying to enhance its capacity to produce batteries domestically, instead of fully relying on Asian countries such as China, Japan, and South Korea, which are currently the major global manufacturers. As of May 2021, 38 battery cell gigafactories are being built or planned in Europe and the UK, according to the latest report by the non-governmental organization Transport & Environment.  Out of the 38 projects, 17 have secured funding so far, estimated to be up to $30 billion between them. The amount consists of both private and public funding, including, for instance, Tesla’s…

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