Italy to Give New Electric Car Buyers Subsidy of Up to 6,000 Euros

The war between Russia and Ukraine continues to affect countries, firms, and industries worldwide with concerns focused on energy supplies and rising prices.  While solar and renewable stocks are gaining wider attention, chip supply chain issues are seen lingering as a result of the war.

Countries such as Italy are pursuing initiatives to back certain industries in the sector such as electric vehicles, while firms such as KKR & Co are looking to expand into clean energy.

Italy plans to subsidise up to EUR 6,000 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 until 2030, including around EUR 700 million 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 and includes a EUR 2,000 contribution linked to the scrappage of a polluting combustion-engine car.

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

March 09, 2022