After demand greatly outstripped earlier projections, the French government stated that it was suspending its initiative to support low-income individuals leasing electric cars for the remainder of the year.
Since the beginning of 2024, individuals with less than 15,400 euros ($16,600) in annual income have been eligible to lease an electric vehicle for between 100 and 150 euros per month under the initiative.
The initiative was started by the government to increase demand for electric vehicles among those who might not otherwise be able to purchase them.
The original plan was to launch it earlier, but French automakers were not prepared with enough qualified vehicles, so the launch date was moved back to the beginning of this year.
The government announced on Monday that it was increasing the number of leases it would be offering under the initiative from 20,000 to 50,000 this year before starting it again next year, despite having budgeted 1.5 billion euros ($1.6 billion) for that purpose.
In order to encourage the purchase of electric vehicles, the government is also providing monetary incentives to automobile buyers ranging from 5,000 to 7,000 euros year, at a total cost of 1 billion euros.
Automobiles must adhere to carbon emission standards during production and transportation in order to be eligible for both programmes. This is done to make sure that automobiles constructed in China at low cost do not qualify.
24 models made by the Franco-Italian company Stellantis and five by the French automaker Renault are on the list of compatible models. Elon Musk's Model Y and Tesla are OK, but not the Model 3.
Dacia, the budget-friendly version of Renault, had its Spring model removed off the list due to importation issues.
(Source:www.investing.com)
Since the beginning of 2024, individuals with less than 15,400 euros ($16,600) in annual income have been eligible to lease an electric vehicle for between 100 and 150 euros per month under the initiative.
The initiative was started by the government to increase demand for electric vehicles among those who might not otherwise be able to purchase them.
The original plan was to launch it earlier, but French automakers were not prepared with enough qualified vehicles, so the launch date was moved back to the beginning of this year.
The government announced on Monday that it was increasing the number of leases it would be offering under the initiative from 20,000 to 50,000 this year before starting it again next year, despite having budgeted 1.5 billion euros ($1.6 billion) for that purpose.
In order to encourage the purchase of electric vehicles, the government is also providing monetary incentives to automobile buyers ranging from 5,000 to 7,000 euros year, at a total cost of 1 billion euros.
Automobiles must adhere to carbon emission standards during production and transportation in order to be eligible for both programmes. This is done to make sure that automobiles constructed in China at low cost do not qualify.
24 models made by the Franco-Italian company Stellantis and five by the French automaker Renault are on the list of compatible models. Elon Musk's Model Y and Tesla are OK, but not the Model 3.
Dacia, the budget-friendly version of Renault, had its Spring model removed off the list due to importation issues.
(Source:www.investing.com)
