Germany increases subsidy to 5 Billion Euros, tripling incentives for its “Cash for Clunker” (Abwrackprämie) program
(Source: Telegraph, UK) Germany is more than tripling the incentives on offer to buyers of new cars as it attempts to boost its auto industry, which employs around 15pc of the nation’s workforce.
The scheme offers German consumers €2,500 for trading in vehicles more than nine years old if they buy a car that is less than one year old.
Ulrich Wilhelm, Mrs Merkel’s spokesman, said the new funding level would cover 2m cars, compared with 600,000 under the previous plan. The scheme has given a vital boost to German car sales, with new registrations in March hitting the highest level since 1992. “This is a massive election gift. Car dealers and buyers will be completely over the moon,” said Ferdinand Dudenhoeffer, director of the Centre for Automotive Research at the University of Duisburg-Essen in an interview with Bloomberg.
Click here to read the entire article.
TransportGooru has compiled several articles in the past reporting on similar efforts in UK (which is now contemplating introduction of a similar program after watching the Germans successfully implement the program) & USA. Here are the links to some of the earlier articles:
Consumer Assistance to Recycle and Save (CARS) Act revives “Cash for Clunkers” scrapping plan in U.S
Germany plans to extend Abwrackprämie aka “Environmental Bonus”
The bickering starts over the implementation of the Cash for Clunkers legislation
Pingback: Where the US stands in pushing "Cash for Clunkers"- Four bills in Congress; Details Needed | Transport Gooru
Pingback: Time examines the "Cash for Clunkers" initiative: A Deal to Help Detroit — and the Planet? | Transport Gooru
Pingback: U.S. Cash-for-Clunkers deal reportedly nearing congressional compromise | Transport Gooru