EU approves USD3.3 billion Spanish scheme for electric and connected vehicles value chains

The aid will be awarded through a competitive selection process and will take the form of direct grants and soft senior loans

According to an official press release dated 9 December, the European Commission has approved a EUR3 billion Spanish scheme under EU State aid rules to support research, development, and innovation (RD&I), as well as environmental protection and energy efficiency measures of companies in the value chain for electric and connected vehicles.