France’s Industry Minister, Marc Ferracci, is calling on the EU to provide urgent funding to help Europe’s electric car industry.
With Chinese-made electric cars rapidly gaining popularity in Europe due to lower prices and advanced tech, Ferracci says European automakers need a boost to compete.
To help, he suggests a new EU-wide subsidy program that encourages people to buy European-made electric cars.
This could work similarly to France’s current system, where the subsidy amount depends on how environmentally friendly the car’s production process was.
“The European car industry, especially electric cars, is under serious pressure from China,” Ferracci stated, as reported by Reuters. “We need to support our own manufacturers to stay competitive.”
Ferracci also wants support for Europe’s steel industry, which he says faces similar competition from cheaper Chinese imports.
He’s hoping that the EU’s upcoming “Clean Industrial Deal” will focus on making the steel industry more climate-friendly and less dependent on imports from China, where environmental standards are often lower.
The call for financial backing reflects the economic challenges facing Europe’s auto and steel sectors.
In response, the EU has already imposed extra tariffs on Chinese electric cars—a move that’s caused some tension, as it could also impact European automakers like Volkswagen.
