ICYMI – Italy to cut funds that support cars made in China

Italy’s Economy Minister Giancarlo Giorgetti said the government plans to cut funds that have been set aside to support the country’s automotive industry to avoid funding cars made in China.

• wants to divert 4.6 billion euros out of the 5.8 billion euros earmarked for the 2025-2030 period to fund the automotive sector
• “We are not cutting funds for companies that want to carry out conversion processes, we are cutting funds for incentives aimed at supporting electric cars made in China or other countries”

Info via Reuters.

This article was written by Eamonn Sheridan at www.forexlive.com.