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Madrid-The Spanish government will invest 4.3 billion euros ($5.1 billion) from its share in the European Pandemic Recovery Fund to transform its automotive industry and channel it into manufacturing electric car And its components, the Prime Minister announced on Monday.

Pedro Sánchez stated that this investment will be a “real revolution” in the Spanish economy, with an estimated 19 billion euros ($22.5 billion) in additional private investment.

His left-wing coalition government hopes to inject funds into all links of the car manufacturing chain, from lithium extraction to electricity battery The leader of Spain’s ruling Socialist Party said the cell assembly line.

He said: “The spontaneous operation of the market itself will not initiate a new model involving so many industries.”

Sanchez delivered a speech at an event that introduced the first of the seven plans for industrial transformation in Spain. The country is expected to receive 140 billion euros (US$166 billion) from the EU’s Next Generation Fund in the next six years.

“Our state needs to become an entrepreneurial nation closely aligned with key stakeholders,” he added, announcing that the government will appoint an industry leader to lead the joint efforts of the private and public sectors.

The Spanish cabinet will approve the car plan at its weekly meeting on Tuesday. The company will be able to apply for funding immediately afterwards, and the first payment is expected to arrive in September.

The plan aims to increase the industry’s share of Spain’s GDP from the current 10% to 15% by 2030, and to increase new employment opportunities. 2 Million workers. Sanchez said this will affect companies other than automakers or their suppliers, including mining, telecommunications and power companies.

Spain is the second largest automobile manufacturer in Europe, after Germany.

The Prime Minister also stated that the country is investing 1 One billion euros will be used to stimulate sales of electric vehicles, and another one billion euros of public investment will be used to install new public electric plug-in points, of which the country has only a few.

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