PARIS -- France and Germany have unveiled details of a plan to create a leading electric battery industry in Europe, from the extraction of raw materials to recycling.
French Economy minister Bruno Le Maire said about 5 billion euros ($5.6 billion) are to be invested in the Franco-German project, including 1.2 billion euros of public subsidies.
A pilot plant will be based in France and two production plants, each of 1,500 employees, will be built in both countries.
Le Maire said during a visit by his German counterpart Peter Altmaier to Paris: "This is an example of what Europe can do when united."
European Commission Vice President Maros Sefcovic welcomed the move as EU production represents only 3% of the world market and wants to compete with the U.S. and China.