German government to invest €1bn in electric vehicle development

The German government wants to invest €1bn in the development of electric vehicles. Athough the market has been disappointing so far Germany wants to maintin its goal of one million electric cars by 2020.

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Despite existing challenges, the Federal Government is optimistic that one million electric cars could be driving on German roads by 2020. So far, the market has been rather disappointing: In 2012, only a few thousand cars were released, clearly less than expected.

At the same time, Germany has the ability to occupy a leading global position in electromobility due to its highly innovative research infrastructure. In order to realize this target, the Federal Government will invest one billion euros towards this sector in research and development. Germany Trade & Invest will have experts at this year’s Battery+Storage event in Stuttgart from October 8 to 10, 2012 to inform visitors about the latest business opportunities in the industry.

Several business collaborations have depicted Germany as a paramount location for future technologies such as electromobility. “Just recently, Ford and Schneider Electric, a global specialist in energy management, announced working cooperatively in order to offer its customers a European solution for electric vehicle charging,” said Heiko Staubitz, renewable energy expert at Germany Trade & Invest in Berlin.

Not only is Germany a center for innovation, but it also has the potential to become Europe’s largest market for electric cars and the corresponding peripheral equipment. The acceptance of electric cars in Germany is extremely high. According to a survey by Germany’s largest automobile club, ADAC, 88 percent of respondents favorably viewed the electric car. 74 percent could even imagine purchasing one if the price were affordable.

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