On Tuesday, the European Commission called for an additional 1 billion euros in EU funding to support electric vehicle battery manufacturing, stating that this will be part of the EU Innovation Fund's 4.6 billion euros allocated to promote EU net zero technologies and renewable hydrogen. European electric vehicle manufacturers face market competition, with demand lower than expected. EU Commissioner Wopke Hoekstra stated in a statement, 'As promised, we are investing 4.6 billion euros to support Europe's cutting-edge projects in net zero technologies, electric vehicle batteries, and renewable hydrogen.'