The Italian government is discussing plans worth $1 billion (€930 million) to encourage the purchase of electric cars as part of an effort to update one of Europe’s oldest car fleets, the government said. Bloomberg reported on Wednesday, citing a draft document obtained.
The Italian Ministry of Industry is currently offering incentives, including financial stimulus payments of up to $15,030 (€13,750), to help citizens with an annual income of less than $32,780 (€30,000) scrap their Euro 2 legacy models. are being discussed. It’s been over 20 years and I bought a new electric car.
The incentive plan will be presented at a meeting with representatives of the car manufacturing sector on February 1, a spokesperson for Italy’s industry ministry told Bloomberg.
The document says the government aims to “transform Italy’s car fleet, one of the oldest in Europe”. The financial incentives are also intended to support “low-income households and the purchase of domestically produced cars.”
Home to Fiat, which is now part of the major automotive group Stellantis following the merger of Fiat Chrysler Automobiles and France’s PSA Group, Italy has a strong car manufacturing tradition.
The number of new car registrations in Italy rose 19% year-on-year to 1.566 million in 2023, according to data released by car manufacturer association UNRAE on Tuesday. However, passenger car sales remained 18.3% below the 2019 level before the spread of the coronavirus.
Electric vehicle (EV) sales accounted for just 4.2% of total Italian car sales last year, below the European average and below the level of major European car markets. Italy’s share of EV sales was lower than some of the shares of car sales in countries where consumers have lower purchasing power, the UNRAE association said.
Written by Tsvetana Paraskova, Oilprice.com
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