The European Union paved the way for companies including Tesla Inc. and BMW AG to get about 2.9 billion euros ($3.5 billion) of state aid for battery projects that will strengthen the bloc’s position in the race to produce more electric vehicles.
The European Commission expects the support to trigger more than three times as much private investment, bringing the total spent to about 12 billion euros. The aid will go to 42 companies across a dozen countries, with beneficiaries also including Fiat Chrysler owner Stellantis NV and startup Northvolt AB.
