• 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
Saturday, September 6, 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
7
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

Uber, Bolt lose rider trust in South Africa over safety and service issues

Giorgio Armani, designer, dreamer, and yachtsman who changed modern style, Dies at 91

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

Uber in South Africa
Africa

Uber, Bolt lose rider trust in South Africa over safety and service issues

September 4, 2025
Giorgio Armani dies at 91
Business

Giorgio Armani, designer, dreamer, and yachtsman who changed modern style, Dies at 91

September 4, 2025
Cleaner transport: NEDC launches 1,000 Electric vehicles and health plan in Adamawa
News

Cleaner transport: NEDC launches 1,000 Electric vehicles and health plan in Adamawa

September 4, 2025
ArcelorMittal South Africa steel industry
News

ArcelorMittal to axe 4,000 jobs, nearly half its South African workforce

September 3, 2025
Electric vehicles plant in Kenya
Africa

Kenya bets on EVs to cut fuel imports and create jobs as local assembly surges 16%

September 3, 2025
Bugatti grand tour in morocco
Africa

Bugatti trades Monaco boulevards for Morocco’s rugged roads

September 3, 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

Electric vehicle

Why electric vehicle discounts doubles petrol, diesel cars in UK

November 13, 2024
Saudi Wealth Fund injects $1 bn lifeline into Lucid Motors

Saudi Wealth Fund injects $1 bn lifeline into Lucid Motors

March 26, 2024
Rolls-Royce Ghost of Manchester past, present and future

Rolls-Royce’s customised ‘Ghost’ built to honour Manchester’s heritage

April 14, 2023
BYD's God's Eye technology

BYD doubles profits, democratises smart driving with ‘God’s Eye’ technology

April 26, 2025

About

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

Follow us

Recent Posts

  • Uber, Bolt lose rider trust in South Africa over safety and service issues
  • Giorgio Armani, designer, dreamer, and yachtsman who changed modern style, Dies at 91
  • Cleaner transport: NEDC launches 1,000 Electric vehicles and health plan in Adamawa
  • ArcelorMittal to axe 4,000 jobs, nearly half its South African workforce

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