France makes EVs central to an $8.8 billion plan to rescue its auto industry

French President Emmanuel Macron announced an €8 billion ($8.8 billion) plan Tuesday to revive the country’s auto industry in the wake of the COVID-19 pandemic. Increasing production and sales of electric vehicles is central to the plan. Auto sales in France fell by about 90% in April compared to a year earlier. To rescue the country’s ailing auto industry, Macron said that he wants France to become the leading producer of clean cars in Europe . France will face fierce competition from Germany for that leadership role. Macron announced that France would increase consumer incentives to buy an electric car to €7,000 from €6,000. The aid is also expected to include incentives for people to scrap their old vehicles and buy a lower-emission model. Bruno Le Maire, France’s minister of economy and finance, last week said : We are ready to support the demand for vehicles but it will be support for clean vehicles that emit less CO2, especially electric vehicles. Macron also tweeted that support for Peugeot-Citroen and Renault, as well as parts suppliers, will increase “massively.” Later today, Macron will visit supplier Valeo, which makes parts for electric cars. Using the Valeo factory in northern France as […]

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