📈 Fed's first cut since 2020: Time to buy the dip? See Tech-focused stock picksUnlock AI Picks

Germany's new electric car discount scheme draws nearly 2,000 applicants

Published 08/04/2016, 02:22 PM
Updated 08/04/2016, 02:30 PM
© Reuters.  Germany's new electric car discount scheme draws nearly 2,000 applicants
RENA
-
BMWG
-
VOWG_p
-

BERLIN (Reuters) - Nearly 2,000 people in Germany have applied for the government's electric car discount scheme, introduced on July 1, and a third of them are buyers of BMW (DE:BMWG) models, a government agency said on Thursday.

The scheme, similar to those established in other European countries to spur electric car sales, grants buyers of electric cars a 4,000 euro($4,452.00) discount and gives buyers of plug-in hybrid vehicles a discount of 3,000 euros.

Since its introduction, 1,791 buyers of electric or plug-in hybrid vehicles have applied for the discounts and 581 of them were buyers of BMW models, notably its i3 electric car, the BAFA economic affairs and export control agency said. BMW has pioneered the production of such cars in Germany and offers more models than other carmakers.

There were 444 applications for the discounts from buyers of Renault (PA:RENA) models and 154 applications from buyers of Volkswagen (DE:VOWG_p) models, BAFA said.

The total 1.2 billion euro ($1.3 billion) cost of the incentives is being shared equally between the German government and carmakers, with a goal of selling around 400,000 electric cars in Europe's biggest car market.

Out of the 45 million cars on German roads, only about 50,000 are purely battery-powered vehicles or plug-in hybrids.

The incentive scheme expires at the end of June 2019, BAFA said.

BAFA said 1,194 requests for the discounts on electric cars and 597 requests for plug-in hybrid discounts have been submitted, adding a third of all requests were filed on behalf of companies.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.