New German Government to Revamp Incentives for Electric Cars

New Volkswagen ID.4 electric vehicles are ready for delivery at the automaker's customer center in Wolfsburg, Germany, on March 26, 2021. RONNY ARTMANN/AFP/GETTY IMAGES
New Volkswagen ID.4 electric vehicles are ready for delivery at the automaker's customer center in Wolfsburg, Germany, on March 26, 2021. RONNY ARTMANN/AFP/GETTY IMAGES
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New German Government to Revamp Incentives for Electric Cars

New Volkswagen ID.4 electric vehicles are ready for delivery at the automaker's customer center in Wolfsburg, Germany, on March 26, 2021. RONNY ARTMANN/AFP/GETTY IMAGES
New Volkswagen ID.4 electric vehicles are ready for delivery at the automaker's customer center in Wolfsburg, Germany, on March 26, 2021. RONNY ARTMANN/AFP/GETTY IMAGES

Germany's new government said Monday it is extending the country's current system of incentive payments for buyers of electric and hybrid cars for a year but then plans to impose tougher requirements for vehicles to qualify for the support.

The economy and climate ministry that was set up when Germany's new government took office last week said it will only provide payments starting in 2023 for “electric vehicles that demonstrably have a positive climate-protection effect.”

Meeting that requirement will be based, in part, on a minimum distance cars can travel under electric power, The Associated Press.

For the next year, the current system will still apply, making buyers of electric-only cars eligible for incentives of up to 9,000 euros (about $10,200) and qualifying buyers of plug-in hybrids for up to 6,750 euros.

Robert Habeck, Germany’s new economy and climate minister, said the government is trying to ensure "continuity” while it works on a new system.

“We will become more ambitious with support in the future, in order to boost electromobility further and strengthen climate protection," he said.

Habeck is a co-leader of the environmentalist Green party. He is also vice chancellor in the three-party government of center-left Chancellor Olaf Scholz, which took office Wednesday.

The new government wants to have at least 15 million fully electric cars on the road by 2030. It also aims to step up efforts against climate change by expanding the use of renewable energy and bringing Germany’s exit from coal-fired power forward from 2038, “ideally” to 2030.



Samsung Invests $1.8 Billion More in Vietnam for OLED Manufacturing Plant 

Security guards stand outside a Samsung facility during a strike by the factory workers demanding higher wages in Sriperumbudur, near the city of Chennai, India, September 16, 2024. (Reuters)
Security guards stand outside a Samsung facility during a strike by the factory workers demanding higher wages in Sriperumbudur, near the city of Chennai, India, September 16, 2024. (Reuters)
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Samsung Invests $1.8 Billion More in Vietnam for OLED Manufacturing Plant 

Security guards stand outside a Samsung facility during a strike by the factory workers demanding higher wages in Sriperumbudur, near the city of Chennai, India, September 16, 2024. (Reuters)
Security guards stand outside a Samsung facility during a strike by the factory workers demanding higher wages in Sriperumbudur, near the city of Chennai, India, September 16, 2024. (Reuters)

South Korean electronic manufacturer Samsung Display Co plans to invest $1.8 billion for a factory this year in northern Vietnam to produce OLED displays for automobiles and technology equipment, the Southeast Asian country said on Sunday.

The new facility for the manufacture of organic light-emitting diode (OLED) displays will be located in Yen Phong industrial park in Bac Ninh province east of Hanoi and close to an existing Samsung electronics plant, the government said in a statement released after the meeting between Prime Minister Pham Minh Chinh and the General Director of Samsung Vietnam Choi Joo Ho.

Bac Ninh authorities and Samsung Display on Sunday also signed a memorandum of understanding of the project, local media reported, adding the investment would raise Samsung's total investment in Bac Ninh to $8.3 billion from the current $6.5 billion.

Vietnam has over the last decade emerged as one of the most attractive production hubs for electronics companies.

According to Choi, Samsung has established six manufacturing plants, one research and development center, and one sales entity in Vietnam, with a cumulative investment of $22.4 billion.