President Emmanuel Macron announced targets yesterday for the French automotive industry to hit one million electric vehicle production by 2027, N World reports.
Notably, the plan is part of its wider push for a 55% carbon emission reduction by 2030. President Macron met with several ministers, including PM Elisabeth Borne, as they formulated various strategies to achieve these targets.
Subsidy plan
The French Government aims to encourage the shift to electric vehicles by providing low-income buyers with financial incentives.
France has yet to disclose the exact amount allotted for each eligible buyer. Nonetheless, it will significantly accelerate the transition as more customers will be able to afford the more expensive EV models than their fuel-powered counterparts.
The report further noted that new buyers will soon get a chance to lease an EV for €100/month, assuming that the model is European-made.
The government plans to introduce the subsidy plan in November 2023. President Macron stated it targets “only a few tens of thousands of models.”
France to have four new battery plants
France also aims to erect local electric vehicle battery plants to cut its reliance on Chinese imports. According to the report, the government expects four new battery factories to open by 2027.
Apart from that, the President also aims for the industry to produce one million units of heat pumps by the same year.
President Macron also stated plans to reclaim control of electricity costs in the country.
“We’ll be able to announce in October electricity prices that are in line with our competitiveness. By the end of the year we will regain control of the price of electricity, at French and European level.”
President Emmanuel Macron
France to cut CO2 emissions
France’s electrification efforts are under the wider strategy to cut greenhouse gas emissions in the country and hit its climate targets in the following seven years.
As mentioned, France aims to lower C02 emissions by 55% this decade compared to 1990 levels. To achieve this target, the country needs to move twice as fast as before.
“We need to succeed in reducing emissions by 5% per year over the period 2022-2030. This whole strategy will enable us to reduce our dependence on fossil fuels, essentially coal, oil and gas… from 60% to 40% by 2030.”
President Emmanuel Macron (via ABC News)
See Also:
- France offers new cash incentives for EV buyers
- Startup Verkor secures €2B for developing its first battery factory in France
- France is positive about securing significant investment from the Musk-led EV giant
- Low-income families can now purchase EVs in Germany and France
- France: Plug-in car sales record new high in March 2023
France’s significant support for clean energy initiatives and C02 emissions reduction will generate investments and job opportunities across the country. In fact, the government will boost eco-friendly investments by an additional €7 billion under the 2024 draft budget bill.
