"Made in Europe"

Electric cars from Europe would create 119,000 jobs

More electric cars "made in Europe" could create 119,000 jobs across Europe. The same applies to other key technologies of the energy transition: Bringing back the production of photovoltaic modules, wind turbines, batteries and electric motors would generate a further 124,000 jobs. 

The EU's gross domestic product (GDP) would increase by a total of 18.4 billion euros or 0.13%, according to researchers from the Vienna Institute for International Economic Studies (wiiw).

Austria's economy would also grow
Austria's economy would grow by 0.14 percent. The countries in Central and Eastern Europe, such as the Czech Republic and Slovakia, which already produce many cars, would benefit the most. Germany's economy would also benefit at an above-average rate of 0.2 percent.

The authors of the study recommend that more green technologies should be produced in Europe.(Bild: Krone KREATIV/Stock Adobe,)

"Although our estimates could be seen as a kind of upper bound for the impact of the relocation of these technologies, they may be a lower bound for the potential impact of green technologies on economic prosperity and employment, especially when we think about the future," explain the authors Francesca Guadagno, Oliver Reiter and Robert Stehrer in the study published on Monday.

Green technologies as an economic driver
Green technologies not only help to reduce CO2 emissions and stop global warming, they are also an economic engine that leads to rising exports, greater competitiveness and more jobs. Nevertheless, Europe is currently a net importer of most green technologies and is dependent on foreign imports, especially from China.

If the trend continues, the loss of competitiveness is likely to hit European industry hard, the economists say. In the race against China and the USA, they recommend that politicians prioritize investments in green technologies and accelerate the transition away from fossil fuels.