Automotive sector

automotive industry: Italy releases 8.7 billion euros to support the automotive sector

Germany subsidized purchases of battery electric vehicles and plug-in hybrids totaling 3.1 billion euros last year, almost five times more than in 2020.

ROME:

Italy plans to set aside 8.7 billion euros ($9.7 billion) until 2030 to support its auto industry, a draft decree seen by Reuters showed on Tuesday.

As part of a package of measures to support the economy and curb soaring energy bills, Italy aims to allocate 700 million euros in 2022 and 1 billion euros per year from 2023 to 2030, says Decree.

The new package responds to business and union demands for a medium-term structural regime, after Rome spent a total of around 1.35 billion euros in 2020 and 2021, according to data from lobby group ANFIA, to support the industry through several measures that had to be periodically refinanced.

Although a latecomer compared to other European car manufacturing countries such as Germany and France, Italy is currently increasing its production of electric vehicles thanks to new models introduced and planned by Stellantis, the largest car manufacturer. from the country.

Germany subsidized purchases of battery electric vehicles and plug-in hybrids totaling 3.1 billion euros last year, almost five times more than in 2020.

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According to the “Automotive Industry Trends in January 2022” report released by the Ministry of Commerce, Industry and Energy on the 15th, automobile production last month stood at 271,054 units, down from 13.7% year over year.

India’s automotive exports to the UAE are expected to increase by $160 million over the next five years, while engineering exports are expected to increase by 10% in the first two years and 15% in the over the next three years to $7 billion, $8 billion, and $9.2 billion in FY25, FY26, and FY27, respectively due to the Comprehensive Economic Partnership Agreement (CEPA) that both parties signed.