Germany wants to extend EV subsidies for another 10 years
Release time:
2021-11-29 11:50
Source:
German Finance Minister Olaf Scholz said he wants to extend tax breaks for electric cars and plug-in hybrids for another 10 years.
Germany is trying to boost electric car sales in response to a diesel emissions cheating scandal that has engulfed the auto industry for the past three years. Olaf Scholz told the Frankfurter Allgemeine Zeitung that German automakers have invested billions of euros in electric vehicles. "We have to expand infrastructure and continue tax incentives at the same time."
He said: "I think in terms of industrial policy, it is important that we expand the support program for electric vehicles and plug-in hybrid vehicles. Currently, the policy support program is until 2021."
Germany's KBA transport authority said a government subsidy program helped boost sales, but even so, electric cars accounted for only about 1 percent of new car registrations last year.
Earlier this month, the Volkswagen Group announced that it will accelerate the electrification process and will launch 70 electric vehicles in the next 10 years. That's 20 more than the 50 previously announced. At the same time, the number of cars produced on the group's electric platforms will increase from 15 million to 22 million over the next 10 years. To this end, Volkswagen is investing in electric vehicles, investing more than 30 billion euros in this sector alone by 2023. By 2030, the share of electric vehicles in the group's vehicles will rise to at least 40%.
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