April 29, 2019 / 2:45 PM / a month ago

France, Germany agree on first battery cell consortium - FAZ

BERLIN, April 29 (Reuters) - France and Germany have asked the European Commission to green-light state subsidies for a cross-border battery cell consortium involving carmaker PSA with its German subsidiary Opel and Total's Saft, FAZ newspaper reported on Monday.

The economy ministries of both countries sent a letter of intent to the European Union's executive body asking Brussels to quickly give its go-ahead, the newspaper said, adding that the sum of the planned support was not mentioned.

France and Germany have earmarked 1.7 billion euros ($1.90 billion) to support several company alliances looking to produce electric car battery cells, a step aimed at reducing the dependence of European carmakers on Asian suppliers.

($1 = 0.8966 euros)

Reporting by Michael Nienaber; editing by Thomas Seythal

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