• News
    • Tech
    • Lifestyle
    • Business
    • Opinion
    • Premium
  • Reviews
  • Events
    • Nigeria
    • South Africa
  • Tools
    • Price Guide
    • Find your idea car
    • Car valuation
    • Sell your car
    • Car insurance quote
    • Locate a dealer
    • Deals
  • For Sale
    • New Cars for sale
    • Cheap Cars for sale
    • Bikes for sale
    • Trucks for sale
    • Boats for sale
    • Jets for sale in Africa
    • Cars under 5m
    • EV in Nigeria
    • EV in South Africa
Sunday, June 22, 2025
  • Login
Auto Journal Africa
  • News
    • Tech
    • Lifestyle
    • Business
    • Opinion
    • Premium
  • Reviews
  • Events
    • Nigeria
    • South Africa
  • Tools
    • Price Guide
    • Find your idea car
    • Car valuation
    • Sell your car
    • Car insurance quote
    • Locate a dealer
    • Deals
  • For Sale
    • New Cars for sale
    • Cheap Cars for sale
    • Bikes for sale
    • Trucks for sale
    • Boats for sale
    • Jets for sale in Africa
    • Cars under 5m
    • EV in Nigeria
    • EV in South Africa
Ask Autojorunal AI
No Result
View All Result
  • News
    • Tech
    • Lifestyle
    • Business
    • Opinion
    • Premium
  • Reviews
  • Events
    • Nigeria
    • South Africa
  • Tools
    • Price Guide
    • Find your idea car
    • Car valuation
    • Sell your car
    • Car insurance quote
    • Locate a dealer
    • Deals
  • For Sale
    • New Cars for sale
    • Cheap Cars for sale
    • Bikes for sale
    • Trucks for sale
    • Boats for sale
    • Jets for sale in Africa
    • Cars under 5m
    • EV in Nigeria
    • EV in South Africa
No Result
View All Result
Morning News
No Result
View All Result
Home News

Why Italy slashed $5bn from its auto industry support

David Ijaseun by David Ijaseun
October 29, 2024
in News, Premium
0
Gianmarco Giorda, Managing Director of automotive association ANFIA
0
SHARES
6
VIEWS
Share on FacebookShare on Twitter

Italy’s automotive sector faces a setback as the government moves to reduce its industry support by nearly $5 billion, a budget plan revealed. The cuts, which stretch from 2025 to 2030, aim to reallocate funds to other areas, sparking criticism from the automotive industry and opposition leaders who argue it undercuts Italy’s competitive edge.

“This is a harsh blow that contradicts efforts to support our industry through a challenging transition,” remarked Gianmarco Giorda, Managing Director of automotive association ANFIA. He pointed to challenges like the ongoing shift to electric vehicles and weak European demand, saying, “Confidence in the sector has already been shaken.”

READ ALSO

Tesla signs landmark deal for China’s largest grid-scale battery plant

Lucid vs. Rivian: The battle for America’s EV future heats up

The plan, led by Economy Minister Giancarlo Giorgetti, scales back previously allocated funding, leaving only 1.2 billion euros out of the 5.8 billion euros budgeted for the next five years. The steepest reductions—around 2.4 billion euros—are set for 2028-2030, crucial years in the industry’s transformation to greener technologies.

The opposition Democratic Party (PD) voiced strong objections, with lawmaker Vinicio Peluffo calling for the resignation of Industry Minister Adolfo Urso. “Urso has shown he is not up to the task,” Peluffo asserted, accusing him of failing to secure sufficient resources for Italy’s auto sector.

Urso responded, insisting the government will support auto industry components, which he describes as Italy’s “true strength.” “Investment will continue where it matters most,” Urso added, reaffirming Italy’s commitment to the green transition.

The funding cuts have also raised concerns for Stellantis (STLAM.MI), Italy’s last major automaker, which relies on state support to maintain its operations domestically. Stellantis CEO Carlos Tavares has previously argued that Italy lags behind other EU nations in automotive funding, which hampers the industry’s growth and threatens jobs.

The funding changes also come as Volkswagen (VOWG_p.DE) announced plans to close three German factories and cut thousands of jobs, highlighting the broad challenges facing Europe’s auto sector.

Read more on Italy eyes Chinese investments to revive defunct Stellantis brands

Tags: All premiumauto industryItaly

Related Posts

Tesla signs landmark deal for China’s largest grid-scale battery plant
News

Tesla signs landmark deal for China’s largest grid-scale battery plant

June 21, 2025
Lucid vs. Rivian: The battle for America’s EV future heats up
Electric Vehicles

Lucid vs. Rivian: The battle for America’s EV future heats up

June 19, 2025
Ferrari New 296 Speciale
Cars/SUVs

Ferrari builds new 296 Speciale to honour its Le Mans legacy

June 19, 2025
image source: Masonry
Cars/SUVs

Mansory unveils $1m convertible G-Wagen in collaboration with Alec Monopoly

June 19, 2025
Ferrari Second Electric Car
Electric Vehicles

Ferrari hits the brakes on second electric car, delays launch to 2028

June 18, 2025
Volkswagen tax in India
Business

Volkswagen to cut 20,000 jobs by 2030 in major restructuring

June 17, 2025
Next Post
Oluseun Olawore, Founder, OMC Automobiles

Oluseun Olawore: The mechanic who built an automotive powerhouse in just five years

POPULAR NEWS

Inferno at Toyota 1000 Desert Race consumes 49 cars

Inferno at Toyota 1000 Desert Race consumes 49 cars

July 3, 2023
Mobius Motors

Mobius Motors: Rising taxes, competition ends Kenyan SUV maker’s journey

August 7, 2024
Autojournal car race

Get ready for the biggest RACE show this December in Nigeria

August 12, 2024
From style to sustainability: How Geely Auto is shaping the future of luxury vehicles

From style to sustainability: How Geely Auto is shaping the future of luxury vehicles

October 25, 2024
Oyo State Governor gifts Saheed Osupa Toyota Prado SUV worth ₦70M 

Oyo State Governor gifts Saheed Osupa Toyota Prado SUV worth ₦70M 

August 22, 2023

EDITOR'S PICK

General Motors Electric vehicle plant

GM, Netflix partner to build EV culture through storytelling

April 12, 2023
Nissan production line

Nissan cuts Kyushu Plant production by one-third due to declining U.S. market

July 28, 2024
From Lagos to Latin America: Moove acquires Kovi  in $275M expansion deal

From Lagos to Latin America: Moove acquires Kovi in $275M expansion deal

February 2, 2025
Kobo 360

Kobo 360: Transforming Africa’s logistics industry with tech

April 2, 2023

About

Auto Journal Africa is the leading online and print magazine for automobiles in Africa.

Follow us

Recent Posts

  • Tesla signs landmark deal for China’s largest grid-scale battery plant
  • Heesen launches Sparta, its biggest yacht at 220 feet long
  • Lucid vs. Rivian: The battle for America’s EV future heats up
  • Tesla pauses Cybertruck and Model Y production to boost efficiency

Links

  • Privacy Policy
  • About Us
  • Contact Us
  • News
  • Reviews
  • Events
  • Tools
  • For Sale

© 2023 Auto Journal

No Result
View All Result
  • News
    • Tech
    • Lifestyle
    • Business
    • Opinion
    • Premium
  • Reviews
  • Events
    • Nigeria
    • South Africa
  • Tools
    • Price Guide
    • Find your idea car
    • Car valuation
    • Sell your car
    • Car insurance quote
    • Locate a dealer
    • Deals
  • For Sale
    • New Cars for sale
    • Cheap Cars for sale
    • Bikes for sale
    • Trucks for sale
    • Boats for sale
    • Jets for sale in Africa
    • Cars under 5m
    • EV in Nigeria
    • EV in South Africa

© 2023 Auto Journal

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In