Germany, France agree deal to support European car industry
The two countries said the agreement aimed to safeguard Europe's automative industry, encouraging development and research. Car makers in Europe have so far struggled to compete with Chinese electric car companies.
Germany and France have reached an agreement aimed at bolstering their automotive industry, the two nations announced on Friday. The agreement focuses on reducing CO2 emissions and promoting the creation of electric vehicles across Europe, the statement revealed. Both countries expressed a unified objective: to successfully restructure their automotive sector while upholding environmental goals and ensuring future automobiles are manufactured within Europe.
The plan also incorporates incentives for investment, research, and production. European car manufacturers have been facing difficulties competing with their Chinese counterparts in the electric vehicle market, leading to cost-cutting measures. Lower Saxony's Premier, Olaf Lies, praised the agreement as a "strong signal" in support of Europe's car industry that safeguards jobs in the sector.
Lower Saxony is the location of German automotive giant Volkswagen's headquarters in Wolfsburg, and Lies serves on VW's supervisory board.
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