Government plans to invest EU cash
THE Spanish government plans to bump start its electric car industry with part of the €140 billion it is set top receive from the European Union’s recovery plan.
Madrid is waiting for approval from Brussels on its plans to boost the economy in the aftermath of the Covid-19 pandemic.
Secretary of State for Industry Raül Blanco maintains the government is looking to invest around €5 billion over three years in its electric vehicle initiative.
Last year some 2.2 million cars and trucks rolled off Spanish production lines – second only to Germany – but only 140,000 were fully electric or hybrid machines according to manufacturers.
“What we are doing is accelerating a change that is already taking place,” Blanco said. “This is a unique opportunity. The manufacturers are on board, and there are resources to carry out the investments.”