German Economy Minister Peter Altmaier has said he doesn’t understand why domestic carmakers have been so slow to invest in the development and production of electric cars. He called it a big strategic mistake.
German Economy Minister Peter Altmaier on Monday called on the nation’s top carmakers to invest a lot more in electric vehicle technology. Otherwise, he told Germany’s mass-circulation Bild daily, it would be impossible to keep up with global competitors in the long run.
He said domestic auto manufacturers needed to pump high “two-digit-billion-euro amounts” into the development and production of e-cars, adding that he did not understand why the firms had hesitated for so long.
Altmaier insisted more investments were also required in battery production, given expected demand for many millions of them around the globe as e-mobility was taking shape.
“Otherwise, we’ll have to accept that a large part of the added value will be produced in Asia or the United States, instead of here with us,” the minister argued.