Germany's Ministry of Economics has proposed a 5 billion euro ($5.6 billion) buyer bonus scheme as part of an impending stimulus package in an effort to boost car sales, two people close to the matter said on Sunday.
FRANKFURT - Germany’s Ministry of Economics has proposed a 5 billion euro buyer bonus scheme as part of an impending stimulus package in an effort to boost car sales, two people close to the matter said on Sunday.
Global car sales have slumped as production lines and showrooms shut in response to the coronavirus pandemic. A business sentiment survey by the Ifo institute this month showed the German auto sector at its lowest ebb since 1991. The economy ministry’s proposal is for purchase premiums to be paid to buyers of electric vehicles and conventionally powered cars worth less than 77,350 euros each, with the scheme expiring at the end of the year, the sources said.SPD head Norbert Walter-Borjans told Reuters that he was in favour of supporting the auto industry but that incentivising purchases of conventional combustion engines was the wrong path.
The economy ministry’s plans foresee a basic premium of 2,500 euros per car, which would be topped up by 500 euros for fuel-efficient vehicles. Existing incentive programmes would be increased by 1,500 euros for electric cars and 750 euros for hybrids.
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