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EV Buyers in Italy Said to Get Subsidy of Up to EUR 6,000 Upon New Purchases

EV Buyers in Italy Said to Get Subsidy of Up to EUR 6,000 Upon New Purchases

Rome has set aside EUR 8.7 billion until 2030 to support its carmaking industry.

By Reuters | Updated: 9 March 2022 14:41 IST

EV Buyers in Italy Said to Get Subsidy of Up to EUR 6,000 Upon New Purchases

Photo Credit: Reuters

The plan includes incentives for state-of-the art combustion-engine (Euro6) cars

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Highlights

New move is a plan to support the country's automotive industry
Rome has allocated EUR 700 million for this year to support the industry
The subsidy of up to EUR 6,000 is subject to the purchase of new vehicles

Italy plans to subsidise up to EUR 6,000 (roughly Rs. 500,300) of the purchase price of new electric vehicles as part of its plan to support the country's automotive industry, a government source said on Tuesday.

Rome has set aside EUR 8.7 billion (roughly Rs. 73008.089 crore) until 2030, including around EUR 700 million (roughly Rs. 5873.56 crore) for this year, to support its carmaking industry.

The subsidy of up to EUR 6,000 is subject to the purchase of new vehicles costing up to EUR 35,000 (roughly Rs. 2,938,900) and includes a EUR 2,000 (roughly Rs. 167,900) contribution linked to the scrappage of a polluting combustion-engine car.

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The purchase of hybrid electric vehicles costing up to EUR 45,000 (roughly Rs.3,779,700) will be subsidised with up to EUR 2,500 (roughly Rs. 209,900), while the plan also includes incentives of EUR 1,250 (roughly Rs. 105,300) for state-of-the art combustion-engine (Euro6) cars when older vehicles are scrapped, the source said.

© Thomson Reuters 2022

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