Germany pledges 3 billion euros to support crisis-hit autos sector
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Reuters Staff
BERLIN (Reuters) - Germany will earmark 3 billion euros ($3.56 billion) to support the development and production of climate-friendly cars as the auto industry grapples with challenges posed by the COVID-19 pandemic and global climate crisis, the government said on Tuesday.
The industry, already facing growing competition from Chinese and U.S. rivals who are widely seen as having stolen a march over Germany in electric mobility, has also been badly hit by the collapse in demand caused by the coronavirus crisis.
A central element of the scheme is the allocation of 1 billion euros to extend to 2025 a consumer rebate for buying electric cars that had been planned to end next year.