Presented through the Ministry of Industry, Trade and Tourism, its head, Minister Reyes Maroto, said that âthis is wonderful news after months of negotiations with Brussels. The authorization from the European Commission will be used for the digital and sustainable revival of a sector such as the automotive sector, where Spain is one of the main European manufacturers. ”
Regarding LOSS, Maroto stressed that âthis is a historic opportunity to turn the manufacturing of electric and connected vehicles into a driving project that strengthens the automotive industry across the country. For the Spanish government, the automotive sector is a priority and will be a key player in the Recovery Plan, because we have the industrial capacities and the leadership of companies to invest in the mobility of the future, a mobility that will be more sustainable, digital, connected. and safe. ”
After examining the LOSS in detail, the Commission concluded that the initiative is necessary to facilitate investment in R&D and environmental protection measures in the supply chain of electric and connected vehicles. The 3 billion will also have an incentive effect, because the projects would not be carried out in the absence of public support.
The 3 billion euros correspond to the industrial component of LOSS. This is then supplemented by aid from the Moves Plan, the Moves for Unique Projects Program, the CDTI’s sustainable mobility technologies program, artificial intelligence and connected vehicles, to reach a total of 4.3 billion dollars. ‘euros. Thus, the development of the project provides for a total investment of more than 24 billion euros over the period 2021-2023 between public and private investments.
“The project will contribute to the development of the chain of electric vehicles and will play an important role in the green and digital revival of the Spanish economy”, underlines the Vice-President of the Commission Margrethe Vestager. Brussels says the aid is proportionate and limited to the minimum necessary. In particular, the eligible projects, the eligible costs and the maximum intensity of public aid comply with EU guidelines.
LOSS is aimed at one of the strategic sectors of the Spanish economy, with a ripple effect due to its weight in national GDP and direct and indirect employment and its contribution to the trade balance. Spain is the second largest car maker in Europe and the ninth in the world. It represents 11% of total industrial turnover. The automotive sector is the fourth largest export sector and represents 15% of total Spanish exports.
The job creation generated by the LOSS could reach 140,000 jobs and the contribution to GDP would be between 1% and 1.7%. Other expected impacts would be to reach 250,000 registered vehicles and between 80,000 and 110,000 charging points deployed by 2023.