To compete with Asia's rising dominance, French billionaire Bollore wants to build an EV battery plant in northern France which will cost $2.1 billion [Fortune]
Stellantis N.V. Common Shares (STLA)
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Source: Fortune
Paris-listed Bollore SE, which is controlled by the 72-year-old businessman, is “actively working” on developing the plant with a goal of opening around 2030, a company spokesman said Wednesday, confirming a report in Les Echos newspaper that also said the government may provide about €500 million ($534 million) in subsidies. The plan could cost roughly €2 billion and would depend on conditions such as financing, technology and demand, the spokesman said. Battery plants are key to European efforts to set up a local electric-vehicle supply chain to rival Asia's dominance. Carmakers in the region have been trying to secure long-term supplies as they retool their factories to make EVs. France already has a number of projects underway including a venture led by Stellantis NV and Mercedes-Benz Group AG called Automotive Cells Company SE; startup Verkor's blueprint for a facility in Dunkirk; and China's Envision Group's gigafactory, which is located at Renault SA's vehicle production
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