Envision AESC France gains EU nod for $50 mln French aid for EV batteries plantPARIS, Jan 31 (Reuters) – China’s Envision AESC on Friday secured EU approval for 48 million euros ($50 million) worth of French state aid for a new factory to produce lithium-ion batteries for electric vehicles.

The European Commission said the French aid will contribute to Europe’s strategic goals and green objectives.

The site in Douai, northern France, is expected to create around 1,000 direct jobs, as the European Union tries to make the region’s auto sector more competitive against Chinese and U.S rivals.

The project also forms part of Renault’s (RENA.PA) plans to strengthen its electric vehicles business.($1 = 0.9633 euros)