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May 17, 2022

New Zealand to provide additional EV incentives

The new incentives are aimed at improving the affordability of electric and hybrid vehicles.

The New Zealand government announced a new package of incentives under its ‘Clean Car Upgrade’ programme, designed to speed up the adoption of low and zero emission vehicles.

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The new incentives are aimed at improving the affordability of electric and hybrid vehicles among middle- and low-income families, to encourage them to make the switch from internal combustion engine (ICE) vehicles.

The Clean Car Upgrade programme is part of the government’s Emissions Reduction Plan, a broad-based programme designed to keep the country on track to meet its carbon emissions commitments.

The government plans to make available an additional NZ$569m under the Clean Car Upgrade to provide new incentives to families willing to scrap their existing cars for new hybrid or electric vehicles (EVs).

A pilot run will try to incentivise the replacement of an initial 2,500 ICE vehicles.A further $20m will be made available to support leasing programmes for low emission vehicles.

According to the Motor Industry Association, sales of electric and hybrid vehicles in New Zealand almost doubled to 25,194 units in 2021, equivalent to 15% of the 165,287 total. Sales of battery powered vehicles surged 344% to 6,899 units, or 4% of total sales.

Free Report
img

What does the future hold for the US electric vehicles market?

The US Electric Vehicles (EV) market has established itself as one to watch. Despite China maintaining the number one spot, the US holds significant standing as one of the major EV markets, with GlobalData’s whitepaper identifying a strong growth trajectory within the forecast period. This report further analyzes the trends, market drivers, and government incentives set to influence and facilitate the market.   This report also looks beyond the US and touches on environmental concerns set to drive the EV market worldwide.   Want to find out more? This report demonstrates GlobalData Explorer’s sector analysis capabilities, showing how you can:  
  • Get historical and forecast market sizing data, with country specific insight for 22+ of the world’s largest industries
  • Track sector dealmaking activity, to view aggregate volumes, specific deals and top investors for all major deal types in M&A, Capital Raising, and Partnerships
  • Analyze news from GlobalData Explorer’s News Database – enable screening and alerts by industry, company, geography and news sentiment for filtered insight
  • Identify and track the key disruptive trends that are keeping the top digital thought leaders talking through social media analytics
  Consult this report now to find out how you and your company can benefit from our Explorer platform.
by GlobalData
Enter your details here to receive your free Report.

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