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This was largely because February marked a month of uncertainty for many of the bigger European markets, such as Spain, where registrations fell by 10% amongst political turmoil, and the Netherlands, where a change in tax on pure electric vehicles contributed to the 15% drop in overall registrations.
Carmakers are back on board the scrappage scheme following yesterday’s fiasco which saw the like of Ford and Honda suspend their participation in the scheme while issues over VAT payments were cleared up. Other ‘administrative issues’ over tax liabilities have now also been clarified.
Assuming normal scrappage rates, EV Volumes forecasts it will take until 2042 for half the global fleet to be electric. Consumer tax credits from the IRA and the leasing loophole could be affected. In January 2024, Switzerland completely removed the 4% import tax exemption for BEVs. billion light vehicles on the road today.
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