STLA - Tesla BMW Stellantis to receive electric vehicle battery aid in Europe

The European Union cleared a path for companies to receive about €2.9B ($3.5B) of state aid for battery projects that will support the goal of producing more electric vehicles on the continent. The European Commission sees the aid triggering more than 3X the set amount in private investment to bring the total spent to about €12B euros. The aid will go to 42 companies, with beneficiaries including BMW (BMWYY), Tesla (TSLA), Stellantis N.V. (STLA) and startup Northvolt AB. The European Battery Innovation project was jointly prepared and notified by Austria, Belgium, Croatia, Finland, France, Germany, Greece, Italy, Poland, Slovakia, Spain and Sweden. "Europe will cement in this way its position as a global hot spot for battery investment," says European Commission Vice President Maros Sefcovic. "This pan-European project will help revolutionize the battery market," he adds.The Global X Autonomous & Electric Vehicles ETF (DRIV) is a catch-all investment for the

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Tesla, BMW, Stellantis to receive electric vehicle battery aid in Europe