BUSINESS German government extends incentives for electric car buyers

BUSINESS

German government extends incentives for electric car buyers

AP

12:07, November 05, 2019

Germany subsidy.jpeg

German Chancellor Angela Merkel waves to workers on the production line for the electric car ID.3 in Zwickau, eastern Germany, Monday, Nov.4, 2019. (Photo: dpa via AP)

The German government is supercharging subsidies for electric cars on the day the country’s biggest automaker began production of a new all-electric vehicle.

Chancellor Angela Merkel’s office said officials and industry representatives agreed late Monday to increase by half the existing government incentives for electric vehicles with a list price of 40,000 euros ($44,500).

German news agency dpa reported that half of the subsidy, in future amounting to 6,000 euros, will be borne by industry.

The subsidy will also be extended from the end of 2020 currently to the end of 2025.

Government and industry also agreed to aim for 50,000 publicly accessible charging stations nationwide by 2022.

The announcement came as German automaker Volkswagen began mass production of its ID.3 electric car in the eastern town of Zwickau.

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