4/29/2014

U.K. Pledges $840 Million to Boost EV Market

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The British government says it will spend 500 million between 2015 and 2020 to bolster the country's lagging electric vehicle market with a new round of incentives and pledges to install more charging stations, the Financial Times reports.

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The British government says it will spend 500 million between 2015 and 2020 to bolster the country's lagging electric vehicle market with a new round of incentives and pledges to install more charging stations, the Financial Times reports.

Most of the funding will go to research and a further expansion of the network of 500 rapid chargers the government aims to install nationwide by March 2015. But 40% of the total will be used to continue a government program that pays consumers 5,000 ($8,400) for each ultra-low-emission vehicle they buy. The funding could subsidize 8,000 vehicles per year compared with about 3,500 such cars sold in the Britain in 2013.

The U.K. has repeatedly vowed to make England a leading European market for EVs and ultra-low-emission technology. But critics point out that the government so far has spent less than half the 400 million ($673 million) it allocated for similar programs during 2010-2015.

BMW, General Motors, Nissan, Renault and Toyota all offer electrics in the U.K. But the FT says EV sales in Britain continue to lag those in such countries as France and Norway.