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Europe's largest economy, home to automakers Volkswagen, Porsche, BWM, and Mercedes, no longer believes it is 'necessary' to offer incentives to buyers of electric vehicles.

Beginning in 2023, buyers of electric vehicles priced below 40,000 ($40,578) euros will receive an incentive of 4,500 euros ($4565) in the calendar year and 3,000 euros ($3,043) the following year, down from the current 6,000 euros ($,6086).

For vehicles priced over 40,000 euros ($40,578), the incentive will be reduced from 5,000 euros ($5,072) to 3500 euros ($3,551) next year.

The program does not pay an incentive for vehicles priced over 65,000 euros ($65,947), and that threshold will drop to 45,000 euros ($45,655) in 2024.

The government program will end once the 3.4 billion euros ($3.5 b) appropriated in the budgets over the next two years is paid out.

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Germany Begins Phaseout Of EV Subsidies Stating They Are No Longer Needed

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