German minister to carmakers: Invest in electric cars or lose out


German minister to carmakers: Invest in electric cars or lose out

The German automotive industry must invest heavily in electric car technology and develop battery production facilities in Europe to keep up with global competitors, Economy Minister Peter Altmaier said in a newspaper interview published on Monday.

Altmaier told Germany’s newspaper that the carmakers needed to invest high “two-digit billion amounts” in electric car technology, saying he did not understand why the firms had hesitated for so long.

Investments were also needed in battery production, given expected demand for many millions of electric batteries that could help firms earn good money, he said.

“Otherwise we’ll have to accept that a large part of the added value will be produced in Asia or the United States, instead of here with us,” he said. Read More

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