Europe has invested 200 billion so far. euros in the development of electric vehicles

China’s share of global battery production last year was nearly 80 percent, taking into account batteries used outside the electric vehicle sector, the International Energy Agency (IEA) announced earlier this year.

“Europe now produces batteries for approximately one-third of the electric vehicles sold on the domestic market, and the announced capacities could meet future demand if they are fully utilized,” New Automotive reported.

About 60 billion euros have been invested in the production of electric vehicles, primarily in the conversion of existing automotive plants and in the selective construction of new plants intended exclusively for the production of electric vehicles, the research organization announced.

Between 23 billion and 46 billion public investments were directed into the development of infrastructure for charging electric vehicles, and more than one million public charging stations were built across Europe. Over 3.5 billion euros were invested in the production of this infrastructure.

“These investments support over 150 thousand jobs, and an additional 300 thousand jobs are expected if all the announced projects are fully realized,” said the general secretary of the E-Mobility Europe interest group Chris Heron, commenting on the report in a separate statement.

However, the New Automotive report showed disparities at the national level, with almost a quarter of total investment in the region being in Germany.

“Domestic production and broader European value chains are anchored in that country, while the leading original parts (OEM) manufacturers are in transition keeping up with large international battery manufacturers”, they state from New Automotive. The European Commission announced in December that it intended to abandon the current plan that would have banned new cars with internal combustion engines in principle by 2035, bowing to pressure from the European auto sector. This is the biggest concession of the Commission when it comes to on environmental regulation in the past few years.

Germany, Italy and the countries of Central and Eastern Europe have officially opposed the framework regulation of the European Union on cars and vans, Heron said, noting that more than half of the recorded investments are concentrated in those parts of Europe.

“Among other important users (of investment), France and Spain stand out,” Heron added.

New Automotive is a British independent research organization that works to accelerate the transition to electric vehicles, according to the organization’s website.