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On the 5th, the European Commission unveiled an action plan designed to foster the robust and sustainable growth of the automotive sector and bolster its innovative capabilities. The plan outlines an investment of 1.8 billion euros dedicated to constructing a competitive supply chain for battery raw materials. This initiative aims to enhance the cost competitiveness of electric vehicle (EV) battery cells and components manufactured within the EU in the near term. Furthermore, the plan encompasses a suite of measures dubbed the "Battery Booster," which supports the production of EV battery cells and components through direct funding and other means. The EU also intends to introduce pertinent legislation this year to clarify local content requirements for EV batteries and their components.
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