The aim is to provide a supporting hand to local manufacturing and boost their growth, including the production of cells for electric vehicles.

In a significant development, France and Germany agreed on a joint manifesto for a new industrial policy in Europe to help support local companies to better compete with rivals, including foreign ones, said Peter Altmaier, Germany’s Economy Minister.

Altmaier disclosed this information after holding talks with his French counterpart Bruno Le Maire in Berlin.

Altmaier stated Germany and France have set aside a combined 1.7 billion euros to support the local production of battery cells for electric vehicles.

“I expect a decision about the consortia very soon, probably in the coming weeks,” said Altmaier.