Germany approves 902 million euro aid package to support Northern Volt to build electric vehicle battery factory in Germany

The German government recently announced that it will allocate 902 million euros to support the Swedish company Nordvolt to build an electric vehicle battery factory in Heide, northern Germany. The factory is expected to start production in 2026, with an annual production capacity of 60 GWh. This move is aimed at responding to the challenges of the US Inflation Reduction Act to European industry and preventing the capital and technology of the European automotive industry from flowing to the United States.