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The failure of the PERTE electric car forces the Government to launch a new plan

Head of government, Pedro Sánchezannounced the launch of a second PERTE call for electric vehicle development and related (VEC) due to the failure of the first call, where only EUR 877.2 million was allocated out of a total of EUR 2.975 million. This announcement followed Volkswagen’s threat to abandon its project to build a battery gigafactory in Sagunto (Valencia), which forced the executive to activate the emergency plan in order not to lose those funds built into the Recovery and Resilience Plan.

During this week, the Ministry of Industry will inform the final support solution for the companies that benefit from this Perth VEC. According to Minister Reyes Marot, the total amount was 877.2 million euros, barely 30% of the total allocated budget, which amounted to HRK 2,975 million. Nevertheless, the final figure is above the interim resolution, where 600 million was approved. Initially, there were more than 700, but Ford abandoned its production project in Almussafes (Valencia) because it could not meet the required deadlines.

Although the executive defends that this first call will enable the mobilization of investments of close to 2,250 million euros, Sánchez admitted that “there are important companies in the sector that could not finance themselves”. It is for this reason he announced the second call, along with the activation of other instruments “support the entire value chain of the sector”. The Prime Minister guaranteed that “the Government will do everything in its power to ensure that producers find the necessary support for their projects to be successful”.

Last Friday, after an avalanche of criticism from the sector, the Industry reacted by stating that the program is in addition to support for “other lines”. such as the Moves Plan, which has mobilized 626 million to date; Moves Proyectos Singulares I and II, with 364 million; technological program for sustainable mobility CDTI, with 40 million, or Moves Flotas, with 50 million, an investment that together exceeds 2,000 million euros.

PERTE electric car was the first of the Strategic Projects of Economic Recovery and Transformation (PERTE) approved by the Government as part of the Government’s recovery plan. This plan is based on cooperation between the state and private companies and is dedicated to strengthening the value chains of the automotive industry in Spain, a sector considered “strategic” by the Government.

The executive’s goal is to create an ecosystem that will allow Spain to become European center of electromobility, trying to accelerate the transition to electric vehicles from various vehicle factories across the country. PERTE foresees a total investment of 24,000 million in the period 2021-2023, of which 4,300 corresponds to public funds.

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