So you might be wondering how much can you save upon buying an EV Car or EV scooter or EV motorcycle.
If yes, EVTech360 is the right site for this information, we have listed monetary benefits being offered on EV purchase country wise.
Many countries are stepping up to promote the use of EVs, and incentivizing buyers in the form of subsidies or tax credits. Some are even going to the extent of not charging any tax on vehicles.
So here is the list of country-wise incentives.
Australia will soon be introducing its policy on electric vehicles, under the proposed policy Australia plans to target 50% of new car sales be electric vehicles by 2030 and has plans to convert 50% Government vehicles inventory to electric vehicles.
Businesses planning to buy bulk EVs will get a 20% subsidy. This policy is about to be rolled out by mid-2020
Brazil has reduced its tax on mass production of electric vehicles from25% to 18% recently. No subsidies are available to end uses currently.
Canada provides a $5,000 rebate for any electric vehicle costing under $45,000.
Any EV with a range of more than 250 miles is eligible for a subsidy of 25,000 yuan in China, Earlier the subsidy amount was 50,000 yuan, which was recently slashed by 50%.
France offers subsidies up to 6000 euros on purchasing an electric vehicle
4000 Euros rebate on the price of electric cars. Germany has an ambitious plan to have at least one million EVs on its roads by the end of 2020
India offers a 20% subsidy on any electric vehicle purchased, EVs are usually exempt from road tax (life tax) in India.
Tax deduction of up to Rs.1,50,000/- on interest paid towards loan amount of electric vehicle. FAME – Faster Adoption and Manufacturing of Electric vehicles in India is a regulatory body to ensure the ecosystem for electric vehicles manufacturing is created and consumers switch to electric vehicles by 2030.
The USA provides $3,750 tax credit on the purchase of electric vehicles.
The UK provides a subsidy of £3,500 (Flat discount on purchase price) on the purchase of pure electric vehicles.
The first country to have a policy for electric vehicle adoption, Japan, had its first EV policy in 1990. Recently the policy has been updated. As per the new policy, any newly purchased EV can get a maximum subsidy of $7,700 and a 50% discount on annual automobile tax.
Russia is planning to subsidize interest rates on electric vehicle loans, offer Free highway tolls, free parking for electric vehicles.
Exempted from Value added tax and tolls charges.
While some of the countries are offering benefits to the customer directly, most other countries are coming up with policies to establish electric vehicle manufacturing units and it developing the industry ecosystem. Most countries have just announced tax benefits and subsidies to manufacturers. Going forward by 2021 most of these countries will also come up with subsidies to incentivize the end customer to ensure faster adoption of electric vehicles.
We will keep you updated as and when new changes are in place.