France is launching a 1.1 billion euro initiative for electric vehicle projects

International Business News – According to Les Echos, France’s minister of finance and industry, Lars Stouer, visited the Strangis Group’s engine plant in Tremery, in the Eastern Region of France, on December 19 and announced that the government would launch a 1.1 billion euro project collection next year to support investment projects in the production of electric vehicles and components. The Strangis plant is likely to be on the list of beneficiaries.

The plan is part of a €5bn package of targeted funding for the car industry within the framework of France 2030, which was introduced last year. Manufacturers, equipment suppliers, subcontractors, start-ups and other companies in the automotive industry are eligible to apply.

The Tremery plant, a former diesel engine powerhouse, has been transformed into an electric-powered plant, which is expected to produce 250,000 units by 2023 and more than 1 million by 2024.