Germany to subsidize electric cars to help own auto industry
BERLIN (AP) — Germany plans to subsidize electric cars in a bid to help the country's auto industry compete in the global market for the growingly-popular and environmentally friendly vehicles.
Finance Minister Wolfgang Schaeuble says starting May buyers will get 4,000 euros ($4,514.80) to buy an all-electric vehicle. Plug-in hybrids will receive a subsidy of up to 3,000 euros.
The cost will be shared equally by the government and industry.
The government has set aside 600 million euros to subsidize auto purchases for citizens. Another 400 million euros will be used for public procurement and charging stations.
Economy Minister Sigmar Gabriel said Wednesday the goal was to increase the number of electric cars in Germany from 50,000 to half a million by 2020. That's still only half the original target of one million.