Italy plans $1 billion in subsidies to increase EV sales

The government of Italy is now planning mega 930 million euros ($1 billion) in subsidies to boost electric vehicle (EV) sales in the European country.

This move aims to encourage people to say goodbye to their old-age gasoline and diesel cars and upgrade to new electric vehicles reveals the document related to this matter seen by Bloomberg.

According to the plan, the Italian government will give financial incentives upto 13,750 euros ($15,000) to help buyers with an annual income lower than 30,000 euros to oust their Euro 2 models to switch over to EVs.

The plan also wants to change the Italian vehicle industry with broader aspects of clean energy. With that being said, the government is ready to support “low-income families and the purchase of cars made in the country”.

Electric vehicle (EV) Charging

The plan is under discussion by the industry ministry and it will be tabled at a meeting with representatives from the auto sector on February 1.

Data from the transportation ministry on Tuesday revealed that the country’s new car registrations increased by 19% in 2023 to 1.57 million. However, EV sales in Italy are slower than in other major European markets.

Subsidies are a major boost for customers to opt for a new electric vehicle and help them to reduce the burden of paying the car’s cost. This $1 billion plan to push EVs in Italy could have a positive impact on the country’s green infrastructure development.