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Electric car buying incentives continue to play an important role in the industry’s shift to battery power. And we’re here to take a look at the EV purchasing incentives various European countries, the US, and China offer for 2024.
Vehicle electrification trends for 2024 and beyond see consumers seeking more affordable EVs and carmakers working to cater to this need. In addition, Europe and the US are introducing or maintaining fiscal measures aimed at protecting domestic automakers against the value of Chinese electric vehicles, many of which target the said entry-level segment of the market.
Couple that with the need to keep the interest for the current early-generation EVs high and you’ll see why so many states across the world offer generous incentives to electric car buyers in 2024 thanks to an analysis by German publication Efahrer.
France leads the way for 2024 EV buying incentives as far as the Old Continent is concerned. As promised by President Emanuel Macron during his 2022 campaign, the country offers an electric car leasing program with a monthly rate starting at EUR100—this can climb to EUR150/month for larger, more expensive EVs. This comes in addition to offering an EUR5,000 bonus for several EVs.
France’s so-called social leasing is aimed at those who earn less than EUR15,400 per adult household member and cover at least 15 km daily or 8,000 km per year for work-related purposes.
The list of eligible electric vehicles doesn’t include any vehicle made in China, focusing on French models instead. The conditions include a purchase price of up to EUR47,000 and a weight of no more than 2.4 tons.
Italy, which currently has the oldest vehicles in Europe, has implemented an EUR930 million program for EV purchasing. Once again, buyers with a limited income are the primary target. As such, citizens who earn less than EUR30,000 annually receive an incentive of up to EUR13,750 when exchanging a Euro 2 ICE vehicle that’s at least 20 years old for an electric car.
Spain has extended its electric car acquisition program to run through mid-September 2024. For EVs with a price of under EUR45,000, the government is offering an EUR4,500 subsidy. In addition, scrapping an old vehicle when buying an EV means one can qualify for a bonus of up to EUR 7,000. Those values are for urban areas, whereas buyers from rural areas receive a 10% increase.
With over EUR10,000 in subsidies, Spain’s program brings some of the highest values on the Old Continent. However, buyers can only ask for the money after they’ve purchased their vehicles, with the reimbursement involving a waiting time of up to one year.
In the Netherlands, the government offers an EV acquisition bonus of EUR2,950. However, the support for battery-powered vehicles in the country expands beyond that. For instance, electric cars are exempt from registration and vehicle tax.
Germany made headlines by dropping electric vehicle purchase subsidies for 2024. The measure was introduced suddenly in December of last year and has seen automakers offering massive discounts to keep buyers interested.
Nevertheless, some countries cut funding for EV purchases before Germany. For instance, Sweden pulled the plug on its green motoring program—this supported not just EVs, but also plug-in hybrids in 2022. The UK cut EV purchase funding in the same year, but there are also milder examples of declining support.
Starting January 2024, the US’s Inflation Reduction Act is only subsidizing EVs for American-made EVs with batteries also built in the country—there are also strict rules for the origin of the materials used in the battery.
Currently, around 40 electric vehicle models qualify for these subsidies. American buyers can receive a tax credit of up to $7,500 (EUR6,900 at the current exchange rates). However, their annual income needs to sit below $150,000 and the cost of the vehicle is limited to $55,000 (the value goes up to $80,000 for trucks and SUVs.
China, now the world’s largest car market, wants to become the dominant EV force. As such, the government is investing billions of dollars to help citizens buy electric cars. Most recently, the country introduced a program worth 520 billion yuan (EUR68 billion or $97 billion) for those looking to buy battery-powered cars. In addition, for 2024 and 2025, EVs will be exempt from purchase tax of up to 30,000 yuan (EUR3,900).
Despite notable exceptions, many countries around the world continue to offer significant subsidies for the purchase of EVs. Coupled with the discounts many carmakers offer and the accelerated introduction of affordable EVs (prices between EUR20,000 and EUR30,000), there are several incentives for consumers to make the transition to battery-powered vehicles.
Each year, ACEA provides an updated overview of fiscal measures for purchasing electric cars in the 27 EU member states. The expanded 2023 edition now includes Iceland, Switzerland, and the United Kingdom.
The overview details information on tax benefits (related to acquisition and ownership, including company cars), purchase incentives, such as bonus payments or premiums for buyers, and stimuli for developing or installing charging infrastructure.
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