Germany, France agree on deal to support Europe's struggling car industry

Germany and France have agreed a deal to protect Europe's automotive industry, the countries said in a statement Friday. The plan aims to cut CO2 emissions and support the development and construction of electric cars in Europe, the statement added. "Our shared ambition is clear: to successfully transform our automotive industry while maintaining our climate ambition and ensuring that the cars of the future are produced in Europe," the countries said. The pact also includes incentives for investment, research and production. European car makers have been struggling to compete with their Chinese counterparts in the electric vehicle market, resulting in cost-cutting measures.