Car buyers in Europe can now get their hands on a brand-new electric vehicle (EV) for less than the typical cost of a mobile-phone contract. Thanks to the generous subsidies, some are even free.
Vinay's key takeaways:
- Electric-car sales are rising in Europe, boosted by generous subsidies, as policymakers look to support major sources of employment and economic activity.
- This year, Germany’s subsidies are as much as 9,000 Euros per EV and in France about 7,000 Euros per EV.
- The generous subsidies temporarily solve the major challenge of high ownership costs currently associated with EVs. However, in the long run, the challenge of high cost still remains, until such time cost-effective and emerging technologies help to naturally bring down the cost of EV batteries and drivetrains.