Italy plans major cuts to carmakers’ subsidy program: The Italian government is planning to cut up to EUR 4.6 bn of the EUR 8.7 bn fund that the country’s previous government had set up to the automotive sector, including supporting the EV transition, between 2025 and 2030, Reuters reports, citing a new government budget proposal. The move comes amid growing global concerns on the green transition and slow EV adoption rate due to regulatory uncertainties and costs and demand issues.

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The domestic auto industry is not happy: Auto industry lobby group ANFIA’s blasted the proposal as “an unacceptable surprise” that goes against Italy’s efforts in the EU to support the industry against competition. “With so many ongoing issues, including transition to electrification, soft market demand in Europe and declining production in Italy, this is not supporting confidence,” Managing Director Gianmarco Giorda told Reuters.

OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-

  • Occidental taps EPP for carbon capture: Enterprise Products Partners will develop a CO2 transportation network for Occidental’s carbon capture firm 1PointFive to transport captured CO2 for sequestration. The emissions will be carried from the firm’s Texas hub to the Bluebonnet Sequestration Hub, a carbon capture and sequestration facility with 1.2 bn tons of CO2 storage capacity. (Reuters)
  • Tata records third consecutive quarter of lower bottom line: India’s Tata Technologies — a subsidiary of EV maker Tata Motors — has reported a third consecutive drop in quarterly net income, with a 2% decline on the back of slowing demand for electric vehicles. CEO Warren Harris, however, is “confident” that the company’s performance will recover by the second half of the fiscal year. (Reuters)
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