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Four of the world’s top carmakers have agreed to invest in thousands of fast-charging sites across Europe to boost mainstream acceptance of electric cars, the companies said on Tuesday.

Spurred by the success of U.S. rival Tesla, which has received huge pre-orders for its Model 3 car, German rivals Volkswagen, Daimler’s Mercedes, BMW an Ford Motor Co’s European division have entered a joint venture to develop 400 charging stations.

Overcoming “range anxiety,” the fear of running out of power before reaching a charging station, is key to widespread consumer acceptance of electric vehicles, which so far have filled only a niche market.

Figures on the total investment were not released.

A memorandum of understanding for the JV was reached late last week.

Government regulators have also been pushing electric vehicle infrastructure projects.

In the United States, it remains to be seen how an administration of Donald Trump will embrace such projects. The White House earlier this month, and a week before the presidential election, announced efforts to spur development of EV charging infrastructure.

After the German government agreed to help the auto industry with electric car subsidies, pressure has built for Germany’s carmakers to accelerate the development and rollout of electric car infrastructure.

German Economics Minister Sigmar Gabriel, a potential challenger to Angela Merkel in 2017, has called for Germany to become a leader in electric vehicle technology.

Electric vehicle infrastructure will also get a boost from Volkswagen’s diesel emissions settlement, which calls for investment in EVs, and Daimler recently announced investing 10 billion euros ($11 billion) in EVs.

Scarce charging points, as well as higher prices for electric cars compared with combustion models, have stifled mass-market demand despite sales incentives that often include government assistance.

“The availability of high-power stations allows long-distance electric mobility for the first time and will convince more and more customers to opt for an electric vehicle,” Daimler Chief Executive Dieter Zetsche said.

A goal is to make charging an electric vehicle as convenient as refuelling at conventional gas stations, the automakers said in a statement issued on Tuesday.

Executives across the industry predict electric cars will become increasingly popular due to advances that make batteries cheaper and more powerful. Also, the VW emissions scandal has sparked a regulatory backlash against diesel-engine vehicles.

Diesel-powered vehicles accounted for 52 percent of new passenger cars sold in Europe last year, although they are a small fragment of the U.S. market.

The joint venture, which is open to other automakers, is to fund the establishment of charging sites beginning in the first quarter of 2017, the carmakers said.

After reaching the initial goal of about 400 charging sites along major highways in Europe, the group aims to have “thousands of high-powered charging points” on the continent by 2020, the statement said.

The JV is to include Volkswagen’s Audi and Porsche brands.

A Ford spokeswoman in the United States, Angie Kozleski, said the JV is in discussions with power generation providers but is not ready to announce which company or companies will supply electricity to the charging stations.

The initial focus of the JV, Ford’s Kozleski said, “will be building the network in Europe and the joint venture will decide on possible expansion, based on market insights, when it is appropriate.”

She would not comment on Ford or other automakers’ efforts to develop charging networks in the United States or Asia.

In September, ChargePoint Inc, the world’s largest electric vehicle charging network, said the U.S. divisions of Volkswagen and BMW are collaborating on charging networks on the two U.S. coasts.

The European network will be based on so-called combined charging system technology, enhancing existing AC and DC charging standards and allowing for ultra-fast power levels of up to 350 kilowatt-hours.

Originally reported by the Reuters.

Remember, always ensure to consult highly knowledgeable group of professionals whom would provide you with a collective advice, never individual advice. This group advice and approach is unique with CWIIL Group and is based on the overall Management Philosophy of all CWIIL Group Companies.

Consulting CWIIL Group of Companies, for any / all investment matters ensures advice based on highest level of knowledge which are given to you by a team of select research-oriented experts whom each will do their own assessment of your matter, and also assess it together, thus ensuring that in case a mistake has been made by one, it will be noticed and corrected even before it is being passed on to you. Receiving incorrect and un-knowledgeable investment advice can be disastrous and thus should be avoided.

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MADRID, Aug 25 – Spain’s economy grew strongly in the second quarter as consumer spending stayed robust and demand for exports rose, though there were signs that a vibrant investment climate may be starting to cool after months of political uncertainty.

An economic recovery has retained momentum through eight months without a functioning government, as the country has continued to notch up one of the fastest growth rates in the euro zone this year.

Quarter on quarter GDP growth reached 0.8 percent, keeping pace with the first quarter and up a tenth of a percentage point from a preliminary estimate, Thursday’s final data from national statistics agency INE showed.

Consumer spending grew 3.6 percent year on year as people who kept their jobs through a recession that ended in 2013 took advantage of better times to buy big-ticket goods like washing machines.

Exports of services also performed well, INE said, even outside the tourism sector which has been boosted by record numbers of visitors this summer.

Spain’s acting economy minister, Luis de Guindos, said he expected the economy would eventually be impacted by the lack of a government.

However “from what we can tell there is no slowdown in the third quarter, it will be similar to the second and first,” he told reporters.

After two inconclusive national elections in December and June, the spectre of a third looms.

Politicians last week inched closer to ending the impasse when the People’s Party of acting Prime Minister Mariano Rajoy agreed terms to negotiate a pact with a smaller rival, Ciudadanos.

If the agreement is sealed, Ciudadanos will back Rajoy in a parliamentary confidence vote on Aug. 31 on forming a government. But even then Rajoy would still be short of the majority he needs, raising the possibility of third ballot in December unless others also agree to back him or abstain.

CHALLENGING AUTUMN

While fallout for gross domestic product so far has been slight, the political deadlock has triggered concerns that companies might delay expansion plans.

A slowdown in manufacturers’ investment in equipment and machinery extended into the second quarter, the INE data showed, when it grew at 7.8 percent year-on-year against 9.3 percent in the previous three months and almost 11 percent in the last quarter of 2015.

Analysts from Barclays said they expected investment growth to continue to decelerate, hit by declining business confidence. However, they raised their 2016 growth forecast by 0.3 percentage points to 3.1 percent, citing strong exports.

In a sign of the possible impact on government investment, spending on public works contracts slumped by a fifth in the first quarter, separate data showed on Tuesday, as decisions on infrastructure projects like roads, ports and trains were deferred.

On an annual basis the economy grew by 3.2 percent in the second quarter, INE said – below the 3.4 percent growth rate of the first but in line with a preliminary estimate.

The acting government expects the economy to expand 2.9 percent this year – one of the fastest rates in the euro zone – though scrutiny is growing over whether that will be enough to reach deficit targets without spending cuts.

Gross debt rose to a record high 1.1 trillion euros ($1.24 trillion) in June, Bank of Spain data showed on Wednesday, which the economy ministry said was equivalent to 100.9 percent of national output – well above 2016 goals.

Further delays to forming a government would bring Spain up against the EU’s deadline of mid-October to submit a 2017 budget. Missing that would damage investor confidence and raise the possibility of sanctions.

“Spain is heading towards a challenging autumn as a late government formation would mean delays to the budget, the expenditure ceiling and the new path of deficit target approval,” the Barclays analysts said in a note.

Originally reported by Reuters.

Remember, no issue has a quick fix solution. Thus, always ensure to consult highly knowledgeable group of professionals whom would provide you with a collective advice, never individual advice. This group advice and approach is unique with CWIIL Group and is based on the overall Management Philosophy of all CWIIL Group Companies.

Consulting CWIIL Group of Companies, for any / all investment matters ensures advice based on highest level of knowledge which are given to you by a team of select research-oriented experts whom each will do their own assessment of your matter, and also assess it together, thus ensuring that in case a mistake has been made by one, it will be noticed and corrected even before it is being passed on to you. Receiving incorrect and un-knowledgeable investment advice can be disastrous and thus should be avoided.

CWIIL Group of Companies is a global group of multi-specialised units with diversified interests and activities, wherein each company is a separate legal entity registered under prevailing laws in different parts of the world. CWIIL Group of Companies Products, Services, Project and Solutions are in a multitude of Verticals including, but not limited to, Infrastructure, Power, Oil & Gas, Legal, Media, Technology, ITES, HR, Shipping, Aviation, Real Estate, Hospitals, Health and Medicine, Education, Funding & Investment, Business and Legal Consultancy, and Public Private Partnerships, and other CWIIL Group Units, worldwide, to name a few.

For Further Queries Feel Free to Contact :

Mr. Gregor Novak,
Deputy Global Director, No. 11,
Operations Research & Implementation Division,
Email : deputy.gd.11@cwiilgroup.eu
Voice : +45.8176.1946
Social Media : LinkedIn – Twitter – Facebook

For Queries Specific to the EU Region :
Email : eu@cwiilgroup.com , hq@cwiilgroup.eu
Web : www.cwiilgroup.com , www.cwiilgroup.eu

For Any / All Other Queries :
CWIIL Group Global Regional Headquarters Denmark,
Address : No. 1, Klokkebjergevej, DK6900 Skjern, Denmark
Voice : +45.5148.3608
Fax : +45.7014.1498
Email : corpcomm@cwiilgroup.eu
Web : www.cwiilgroup.eu
Connect : LinkedIn – Twitter – Facebook – Quora

Office Hours :
Monday to Friday : 10.00 – 17.00 CET.
Saturday : 10.00 – 14.00 CET.
Sunday : Closed.

The Corporate Communications Team would require minimum a fortnight for Reviewing & Responding to Queries, which please note.

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