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Oil Rises Ahead of Weekly Inventory Data

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Italy Considers $1-Billion Incentive Plan to Boost EV Sales

Italy’s government is discussing a plan worth $1 billion (930 million euros) to incentivize purchases of electric vehicles as part of efforts to renew one of Europe’s oldest auto fleets, Bloomberg reported on Wednesday, quoting a draft document it has seen.  

The Italian industry ministry is currently discussing the package of incentives, which are set to include financial stimulus of as much as $15,030 (13,750 euros) to allow citizens with an annual income lower than $32,780 (30,000 euros) to scrap their Euro 2 conventional models, which are more than 20 years old, and buy new electric cars.

The financial incentives plan is expected to be presented during a meeting with representatives of the car manufacturing sector on February 1, a spokesperson for the Italian industry ministry told Bloomberg. 

The government looks to “change Italy’s vehicle fleet, which is one the oldest in Europe,” the draft document reads, according to the document. The financial incentives are also aimed at supporting “low-income families and the purchase of cars made in the country”.

Italy, home to Fiat which is now part of the major auto group Stellantis after the merger of Fiat Chrysler Automobiles and the French PSA Group, has strong car-manufacturing traditions.  

Italy’s new car registrations jumped by 19% year-over-year to 1.566 million units in 2023, according to data from car makers’ association UNRAE released on Tuesday. However, the passenger vehicle sales were still 18.3% below the levels from the pre-Covid year 2019.

Last year, the share of electric vehicle (EV) sales of all Italian car sales was just 4.2%, below the European average and below the levels of the major car markets in Europe. The share of Italian EV sales was lower than some of the shares of those vehicle sales in countries with lower consumer purchasing power, the UNRAE association said.

By Tsvetana Paraskova for Oilprice.com

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