Italy to cut automotive industry support in next year’s budget

London, October 28, 2024, (Oilandgaspress) ––– Italian Prime Minister Giorgia Meloni plans to cut by some 4.6 billion euros ($5 billion) the funds set aside to support Italy’s automotive industry between 2025 and 2030, the text of next year’s budget showed, triggering widespread criticism.

The move comes amid a global slowdown in sales of electric vehicles (EVs), partly due to diverging policies on green incentives, which has forced automakers worldwide including Fiat-maker Stellantis to adjust their plans.

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