The elec­tric and con­nected vehicle market will mo­bi­lise 24.009 bi­llion

Brussels Backs Spanish Plan For Investment In Electric Cars With 3 Billion

Cars Plant.
Cars Plant.

Last week, the European Commission gave the go-ahead for the first 10 bi­llion euros of the re­co­very fund to reach Spain, pen­ding ap­proval from the other Member States. Today, Brussels has given the green light to the first of the six “Strategic Projects for Economic Recovery and Transformation” (PERTE) which Spain has pre­sen­ted, de­di­cated to the de­ve­lop­ment of elec­tric and con­nected vehi­cles.

“This €3 billion Spanish plan will help to enable an innovative and sustainable value chain for electric vehicles, in line with state aid rules and the objectives of the European Green Deal. It will play an important role in the green and digital recovery of the Spanish economy, while ensuring that potential distortions of competition are minimised,” said Margrethe Vestager, executive vice-president in charge of competition at the European Commission, in a statement announcing the Commission’s approval.

The EU executive has certified that 40% of the consortium partners will be small and medium-sized enterprises and that “the aid will be granted through a competitive selection process and will take the form of direct subsidies and preferential soft loans”. The Spanish government plans to launch the call for proposals before end-year.

The 3 billion euros correspond to the industrial part of the Perte. It is then completed with the aid from the Moves Plan, the Moves Programme for Singular Projects, the CDTI’s sustainable mobility technology programme, artificial intelligence and connected vehicles, reaching a total of 4.3 billion euros.

The electric and connected vehicle market will mobilise a total of 24.009 billion euros by 2023, of which 4.295 billion will come from European funds and 19.714 billion will come from the private sector. For the Minister of Industry, Reyes Maroto, “The European Commission’s authorisation is magnificent news after months of negotiation with Brussels.

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