France unveils a leasing plan to make electric vehicles more affordable for residents.
Key details
President Emmanuel Macron of France has pledged to make electric vehicles (EVs) more affordable, by subsidizing leasing plans for the cars.
The plan will make EVs available for 100 euros ($100) a month, Budget Minister Gabriel Attal said Sunday on LCI television, noting that the cost is less than what many people spend on gasoline.
He said the government is working on how quickly the measure can be rolled out and the availability of EVs, according to Bloomberg.
Why it’s important
The number of people wanting EVs has hit a worldwide tipping point, more than half of car buyers worldwide want an EV.
The latest EY Mobility Consumer Index shows that 52% of people looking to buy a car want to buy an EV. This is the first time the number has exceeded 50%, representing a rise of 11 percentage points since last year.
EVs represented 12% of new car sales in France in the first seven months of 2022. The government realizes the need for EVs in France and is working to see how quickly the new lease plan can be rolled out.
The government in France currently offers grants to purchase EVs. President Macron was facing criticism saying that lower income houses could not purchase EVs even with grants in place, so he created the leasing campaign to make EVs more obtainable.