Tag: poland

LG will build Europe’s biggest EV battery factory next year

As the auto industry fatefully moves into electric vehicles, Europe's major car-makers need high capacity batteries. Until now, companies like VW, Volvo and BMW have had to import batteries from Asia. LG's forthcoming car battery factory in Poland, the first in Europe, hopes to fulfil that growing demand. "The company has chosen Poland as the most competitive location for production to satisfy the needs of European and global car producers," said Chang-Beom Kang, vice president at LG Chem. The facility will cost $1.63 million, based in the city of Wroclaw which is close to the country's border with Germany. (In case you didn't know, Germany is a major car manufacturing country.)

The company's chemical arm is planning to manufacture up to 100,000 EV batteries starting next year, recruiting 2,500 people in the process. According to Reuters, the factory will also include an R&D center.

While the factory may sound big enough, LG Chem's production estimates place it at around 10 percent of the capacity of Tesla's Gigafactory estimates for 2018. Demand is ramping up in Europe, and this is likely just the start. Paris stated today that it aimed to ban the sales of new fossil fuel car by the year 2030, while both France as a country, and the UK, aim to ban the sale of combustion engine vehicles by 2040.

Source: Reuters


EU raids banks over attempts to block financial tech rivals

You'd think that governments were waging a war against financial technology given reports of crackdowns and tighter regulation, but the opposite is true in Europe. EU officials have confirmed that they recently raided the offices of bank authorities in multiple countries, including the Netherlands and Poland, to investigate antitrust "concerns" that banks are stifling tech-driven newcomers. The banking establishment is allegedly preventing fintech companies from accessing account info despite customers granting permission, pushing people back to conventional services.

The EU stresses that the raids amount to a "preliminary step," and that they're not evidence of guilt. With that in mind, there's at least reason to be wary. Germany ruled in 2016 that bank restrictions on customer data access were violating its competition laws, and it stands to reason that it's not the only European country with that issue.

Wherever the investigation leads, it's not coming out of the blue. EU rules coming into effect January 2018 will require that banks give third parties access to account data with your consent. Think of this as laying groundwork -- it's a not-so-friendly reminder that banks will soon have no choice but to let you use the fintech services you want.

Via: Financial Times

Source: European Commission