The European Commission has launched a new funding program to help electric vehicle (EV) battery manufacturers expand production across Europe. The initiative offers up to €1.5 billion ($1.73bn) in interest-free loans to eligible companies, showing the European Union’s commitment to strengthening its battery industry and reducing dependence on foreign suppliers.

It remains to be seen whether the batteries made within the EU will become competitive enough to attract EV makers like NIO Inc. (NYSE: NIO) away from the China-made batteries they have been incorporating in the…

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