• 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
Wednesday, July 2, 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

Louis Vuitton launches a cruise ship-inspired boutique in Shanghai

Collectors alert: One‑off Bertone Nuccio heads to auction for up to $600k

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

Louis Vuitton Cruise Ship-Inspired Boutique in Shanghai
Business

Louis Vuitton launches a cruise ship-inspired boutique in Shanghai

July 2, 2025
Collectors alert: One‑off Bertone Nuccio heads to auction for up to $600k
Business

Collectors alert: One‑off Bertone Nuccio heads to auction for up to $600k

July 2, 2025
Koenigsegg sells out entire lineup, including 1,602HP $5m Sadair’s Spear
Cars/SUVs

Koenigsegg sells out entire lineup, including 1,602HP $5m Sadair’s Spear

July 2, 2025
The rare McLaren Collection
Business

20 rare McLarens from Mansour Ojjeh’s collection worth set to hit the market

July 2, 2025
Rivian’s new partnership move could slash EV owners’ energy bills by 30%
Electric Vehicles

Rivian’s new partnership move could slash EV owners’ energy bills by 30%

July 1, 2025
Ford CEO admits China’s EV dominance is a wake-up call for the West
News

Ford CEO admits China’s EV dominance is a wake-up call for the West

July 1, 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

The all-electric Xiaomi SU7 Ultra

China’s Xiaomi EV Sets New Nürburgring Standard, Beating Rimac and Porsche

November 15, 2024

This Travel Essential Will Banish Holiday Headaches

April 21, 2023
Carloha Nigeria

Carloha Nigeria opens new outlet in Lagos, debuts luxury, electric vehicles

September 14, 2023

Mount Rinjani to be closed following the Lombok earthquake

April 24, 2023

About

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

Follow us

Recent Posts

  • Louis Vuitton launches a cruise ship-inspired boutique in Shanghai
  • Collectors alert: One‑off Bertone Nuccio heads to auction for up to $600k
  • Koenigsegg sells out entire lineup, including 1,602HP $5m Sadair’s Spear
  • 20 rare McLarens from Mansour Ojjeh’s collection worth set to hit the market

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