Skip to main content

Germany giving 1 billion euros in electric vehicle subsidies

germany ev subsidies 14286537340 78b3fa7bfb k
The electric vehicle future is fast approaching, as Germany is now moving forward with aggressive subsidies for new buyers.

According to The Guardian, in an attempt to meet climate change goals, Germany will be handing out 1 billion euros in subsidies to new electric and hybrid car buyers.

Here’s how it works: Buy an all electric vehicle, get 4,000 euros; buy a hybrid, get 3,000 euros. Money is split 50-50 between the public purse and auto manufactures. This is being done to jump-start the lackluster electric car market in Germany at the moment.

The program is set to launch next month, and if things go according to plan, then Germany will have 1 million electric vehicles on the road by 2020. It’s a lofty goal, as currently Germany only has 50,000 electric vehicles on the road out of about 45 million total cars.

So far the major German auto manufacturers have signed up. This includes BMW, Daimler, and Volkswagen. The program is open to all manufacturers, both foreign and domestic.

Does that mean buyers can use the subsidy on the futuristic looking BMW i8? Not exactly. The subsidy will only apply to vehicles that cost less than 60,000 euros.

Germany also seems very optimistic about the programs success. “If you want one, buy it quickly,” said the country’s finance minister, Wolfgang Schäuble.

Germany will also invest 300 million euros in charging infrastructure, adding stations in cities and along the autobahn, which is its federal highway system. It will also invest another 100 million euros to purchase electric cars for its federal fleet.

The country will continue to pursue environmentally conscious goals for the next decade, leading into the rest of the century. This includes phasing out nuclear power by 2022, as well as boosting wind and solar power production. Germany hopes to have 50 percent of its energy from renewable sources by 2050.

Here’s hoping the rest of the world follows Germany’s example.

Editors' Recommendations

Imad Khan
Former Digital Trends Contributor
Imad has been a gamer all his life. He started blogging about games in college and quickly started moving up to various…
BMW i4 brings the ultimate driving machine into EV territory
2022 bmw i4 electric sedan unveiled with 530 horsepower

BMW introduced the i4, its smartest and most futuristic sedan to date. Fully electric, connected, and powerful, it's a toned-down version of the Concept i4 developed to give buyers a battery-powered alternative to the 3 Series.

Like the design study, which was presented online in March 2020, the production model wears a giant grille that will fuel chatter for months on end. Some will love it, some will hate it; what's certain is that it won't go unnoticed. BMW is applying this styling cue across its range, and its market research reveals buyers like the more assertive look.

Read more
Every upcoming electric car
volkswagens electric dune buggy could reach production vw id rg 1

Nearly every car company in the world is planning on releasing at least one electric car in the coming years. Once stuck in a niche, battery-powered vehicles are about to become a lot more common on American roads.

Further reading

Read more
The pros and cons of electric vehicles
electric vehicles pros and cons car plugin getty feat

Largely fueled by government regulations, the electric vehicle (EV) segment is growing on a regular basis in many markets around the world. Most carmakers are developing at least a couple of battery-powered models, and many already have at least one in their portfolio. If you've never driven an electric car, let alone owned one, there are a few things to keep in mind before giving up gasoline for good. Here are the pros and cons of living with an EV.
Pro: They're cheaper to maintain
Electric cars are considerably more expensive than comparable gas-powered models, but you'll spend less money to keep one on the road. They're built with fewer moving parts, which reduces the likelihood of something breaking. Plus, the regular maintenance your gasoline-powered car needs to run smoothly (oil changes, fluid flushes, and the like) is no longer necessary. The biggest expense with EVs is the eventual need for a battery replacement, which will come with a four-digit price tag. Still, you should be able to get many miles out of your EV before that becomes an issue.

Oil changes, fluid flushes, and the like are no longer necessary.

Read more