Business Express is an online portal that covers the latest developments in the world of business and finance. From startups and entrepreneurship to mergers and acquisitions, Business Express provides reporting on the stories that matter most to business leaders and decision-makers.The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.
2023 12 14T113859Z 1 LYNXMPEJBD0FR RTROPTP 4 FRANCE RENAULT - Business Express

EU risks losing ground in EVs without strong industry strategy – ACEA


BERLIN (Reuters) – Europe’s electric vehicle (EV) sector risks falling behind without a robust EU industrial strategy, autos group ACEA said on Thursday citing new report findings, amid China’s dominance of the supply chain and U.S. incentives for its automakers.

A new report by France’s Ecole Polytechnique university shows an “immense scale of challenges” for the European Union in developing an EV supply chain, the European Automobile Manufacturers’ Association (ACEA) said, highlighting risks to the competitiveness of Europe’s EV production as other global regions aim high with their industrial strategies.

“Unlike China and the U.S., the EU lacks a robust industrial strategy to shore up electric vehicle manufacturing,” Sigrid De Vries, ACEA’s director general, said in a statement.

According to the report, China’s holistic policy, which encompasses every step of an EV’s lifecycle from mining to recycling, has significantly increased its competitiveness.

In the U.S., on the other hand, the boost to growth comes from ambitious sales targets both in individual states and at the federal level, as well as funding under the Inflation Reduction Act (IRA), the report showed.

Don't miss out on any breaking news or insightful opinions!
Subscribe to our free newsletter and stay updated on the go!


By submitting this form, you are consenting to receive marketing emails from: . You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

Despite encouraging signals from the EU in recognising challenges to the sector, De Vries said, too often the bloc “puts the regulatory cart before the horse,” damaging its critical industries.

To address climate change and give momentum to Europe’s EV industry, the EU must also approach its regulatory framework holistically, she added.

“A patchwork of regulations (…) divert vital funds and undermine competitiveness,” she said.

 

(Reporting by Linda Pasquini; Editing by Miranda Murray and Mark Potter)

Recent Post: