The French government said on Monday it was suspending a scheme to lease electric cars from just 100 euros (US$109) a month after subsidizing more than double the number of vehicles planned for this year.
French President Emmanuel Macron’s administration launched the scheme in December last year to make electric vehicles (EVs) affordable to low-income households and reduce carbon emissions in France.
The scheme initially planned to subsidize up to 25,000 European-built electric vehicles this year, but it doubled the number following huge demand.
Photo: AFP
“It’s a real success story, emblematic of French environmental policy: good for the wallet and good for the planet,” an advisor to the president said.
Eligible French residents could rent a car without a deposit for three years and renew the subscription once, supported by a subsidy of up to 13,000 euros for each car.
In addition to income eligibility conditions, applicants must need a car to travel to a job more than 15km away from home.
The French government indicated it plans to relaunch the scheme at the end of this year for next year.
“What’s great about this scheme ... is that you’re both giving people who aren’t necessarily well-off access to a cheap electric vehicle and producing more French vehicles. We have to manage to do both,” French Industry and Energy Minister Roland Lescure said on France 3 television on Sunday.
In related news, Michelin, the world’s top tire maker, on Monday posted record operating profits as a focus on premium products, including for SUVs, helped it survive an otherwise lackluster year.
Sales at the French firm dipped 0.9 percent last year to 28.3 billion euros in what it described as adverse market conditions with the replacement tire market hit by massive destocking.
Sales by volume dropped by 4.7 percent but Michelin said this reflected its strategy of prioritizing markets and business segments, with the company also able to boost prices.
Sales of premium and big tires, in particular for SUVs, helped improve the company’s performance, as did a drop in costs for raw materials from peaks hit in 2022. Operational profits in the tire segment hit a record 3.6 billion euros, but net profits dipped 1.3 percent to 1.98 billion euros.
For this year, the company said it expects global markets to remain stable and that it will be able to generate an operating profit of 3.5 billion euros.
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