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Italy approves electric vehicle incentives, setting aside 650 million euros to buy electric cars

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According to the latest report, Italian Prime Minister Mario Draghi has signed a decree setting aside 650 million euros a year from 2022 to 2024 to incentivize consumers to buy electric and low-emission vehicles, the Italian industry ministry said on Wednesday, Reuters reported.

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Moreover, the spending is part of an 8.7 billion euro long-term plan announced earlier this year by Italy to support the country’s auto manufacturing industry, which will spend 700 million euros in 2022 and 700 million in each of the years 2023-2030. 

Furthermore, the waiting period for specific incentives to land is said to have weighed on car sales in the first few months of 2022. Analysts and lobby groups say buyers are delaying purchases while they wait for the government to implement the measures.

New car registrations in Italy fell by about 23% and 30% in February and March, respectively, compared with the same period a year earlier, the data showed.

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