Italy mulls a $1 billion incentive plan to boost electric vehicle sales
- Italy aims to replace its ageing internal combustion engine-propelled vehicle fleet with electric vehicles.
Italy is mulling a plan worth $1 billion to boost electric vehicle sales in the country, Bloomberg has reported. The European country is reportedly planning to launch an incentive program, under which it aims to replace the country's ageing internal combustion engine-propelled vehicle fleet with electric vehicles. The report also claimed that Italy has one of the oldest automobile fleets in Europe.
The report further stated that the Italian government is discussing the package of incentives, which would include a financial stimulus of as much as $15,030 to allow citizens with an annual income lower than $32,780 to encourage them to scrap their Euro 2 emission standard-compliant conventional ICE-powered vehicles, which are more than 20 years old, and buy new electric cars. The Italian government is reportedly set to discuss this plan with the automobile manufacturers in February 2024.
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Speaking about this program, the Italian government has reportedly said that it looks to change the country's vehicle fleet, which is one of the oldest in Europe. The financial incentives are also aimed at supporting low-income families and the purchase of cars made in the country, the draft document of the proposal reportedly reads.
One of the major global automobile manufacturers, Fiat, hails from Italy. Currently, it is a part of the global automobile manufacturing group Stellantis after the merger of GFiat Chrysler Automobiles and the French PSA Group. The country has a strong tradition of manufacturing cars. New car registrations in the country surged by 19 per cent year-on-year to more than 15 lakh units in 2023 compared to 2022, revealed the carmakers’ association UNRAE. However, sales of passenger vehicle sales were still 18.3 per cent below the levels from the pre-Covid 2019 period. The share of electric vehicles in total passenger vehicle sales in Italy was just 4.2 per cent in 2023, which was below the European average and even below the levels of the major carmakers in the continent.
