Wadhera said the three-year scheme would instill tremendous confidence in the auto and component industry while taking long-term investment decisions.

Chancellor Angela Merkel said on Tuesday that Germany needed to make radical changes in the vehicle sector by switching to electric or hydrogen-powered fuel-cell cars.

Germany has earmarked 1 billion euros (USD 1.12 billion) to support a consortium looking to produce electric car battery cells and plans to fund a research facility to develop next-generation solid-state batteries.

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