Italy Reallocates Funding for Stellantis-Mercedes EV Battery Factory
By David Sachs
Italy said it would pull funding previously earmarked for an electric-vehicle battery factory being built by Automotive Cells Company, a joint venture led by Stellantis and Mercedes-Benz.
Italian Industry Minister Adolfo Urso said Tuesday that money originally planned for a battery plant in Termoli would be reallocated after ACC, which also counts TotalEnergies as a shareholder, expressed uncertainty about a construction timeline for the plant amid stalling demand for EVs. The government would reconsider funding if and when ACC presents a new industrial plan for the Termoli plant, Urso said.
ACC said in June that it was halting work on plants in Italy and Germany as it refocused its strategy on lower-cost battery chemistries.
Write to David Sachs at david.sachs@wsj.com
(END) Dow Jones Newswires
September 17, 2024 10:03 ET (14:03 GMT)
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