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While Europe hesitates, China secures major financing for EV production

Western automotive giants will invest EUR 21.4 billion in new electric vehicle production in China. Similar investments in the EU lag far behind at EUR 3.2 billion, new figures show.

Photo: Renault PRESSE

If electric vehicle are indeed to be the 21st century's big winner, then Chinas stands to become the world's dominant automotive production center.

Over the last 12 monthS, companies such as VW, Daimler, Nissan, Ford and Renault have announced investments totaling EUR 21.4 billion. This appears in an analysis published today by the large, Brussels-based NGO Transport & Environment (T&E), writes Danish daily Politiken.

Western auto manufacturers have by comparison only invested EUR 3.2 billion in Europe, specifically in factories in Germany and France, the analysis shows. That is to say, for every EUR 100 invested in China, only 15 are invested in Europe.

This development may end up becoming very costly for Europe, says T&E Manager for Clean Vehicles and Air Quality Julie Poliscanova.

"Investors are turning toward China, because they experience there being investments security – they can see that the authorities are serious. They do not experience they same security in Europe. That's why money is moving – and future jobs – to China," says Poliscanova.

English Edit: Daniel Frank Christensen

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