EU AND UK BEV MARKET AND INDUSTRY FUELLED BY SUBSIDIES – JUST LIKE IN THE USA
July 12th, 2023
The US Inflation Reduction Act (IRA) is pushing the European Union (EU) and the UK into paying more subsidies to attract battery electric vehicle (BEV) and battery production to Europe.
While the UK’s Advanced Propulsion Center (APC) forecasts 5 million more BEVs globally by 2030, requiring 3,306 gigawatt hours (GWh) in batteries, (1), the US and China may benefit more in production terms. “The...Inflation Reduction Act could mean that the ambitions of automotive manufacturers in the UK and Europe do not materialize as quickly as they would like. Investment ...
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