{"id":87667,"date":"2024-10-30T00:00:00","date_gmt":"2024-10-30T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2024\/10\/30\/italy-to-cut-auto-sector-subsidies\/"},"modified":"2024-10-30T00:00:00","modified_gmt":"2024-10-30T00:00:00","slug":"italy-to-cut-auto-sector-subsidies","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2024\/10\/30\/italy-to-cut-auto-sector-subsidies\/","title":{"rendered":"Italy to cut auto sector subsidies"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Italy <\/strong><strong>plans major cuts to carmakers\u2019 subsidy program: <\/strong>The Italian government is planning to cut up to EUR 4.6 bn of the EUR 8.7 bn fund that the country\u2019s previous government had set up to the automotive sector, including supporting the EV transition, between 2025 and 2030, <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/business\/autos-transportation\/italy-cut-automotive-industry-support-by-around-5-billion-2024-10-28\/\" style=\"\" rel=\"noopener\">Reuters<\/a> 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. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">(<strong>** Tap or click the headline above to read this story with all of the links<\/strong> to our background and outside sources.)<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The domestic auto industry is not happy: <\/strong>Auto industry lobby group ANFIA\u2019s blasted the proposal as \u201can unacceptable surprise\u201d that goes against Italy\u2019s efforts in the EU to support the industry against competition. \u201cWith so many ongoing issues, including transition to electrification, soft market demand in Europe and declining production in Italy, this is not supporting confidence,\u201d Managing Director Gianmarco Giorda told Reuters.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-<\/strong><\/p>\n<ul>\n<li><strong>Occidental taps EPP for carbon capture:<\/strong> Enterprise Products Partners will develop a CO2 transportation network for Occidental\u2019s carbon capture firm 1PointFive to transport captured CO2 for sequestration. The emissions will be carried from the firm\u2019s Texas hub to the <a target=\"_blank\" href=\"https:\/\/ccusmap.com\/markers\/project-detail\/bluebonnet-hub\" style=\"\" rel=\"noopener\">Bluebonnet Sequestration Hub<\/a>, a carbon capture and sequestration facility with 1.2 bn tons of CO2 storage capacity. (<a target=\"_blank\" href=\"https:\/\/www.reuters.com\/business\/energy\/enterprise-products-develop-pipeline-network-occidentals-1pointfive-2024-10-28\/\" style=\"\" rel=\"noopener\">Reuters<\/a>)<\/li>\n<li><strong>Tata records third consecutive quarter of lower bottom line: <\/strong>India\u2019s Tata Technologies \u2014 a subsidiary of EV maker Tata Motors \u2014 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 \u201cconfident\u201d that the company\u2019s performance will recover by the second half of the fiscal year. (<a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/india\/indias-tata-technologies-posts-third-straight-drop-profit-ev-demand-slows-2024-10-28\/\" style=\"\" rel=\"noopener\">Reuters<\/a>)<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>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<\/p>\n","protected":false},"author":1,"featured_media":87668,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[71],"tags":[70,11,64],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-87667","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-around-the-world","tag-around-the-world","tag-enterpriseclimate","tag-evs","wpautop","entry"],"acf":{"mongo_id":"8eb0bcd1-8099-45ef-8f39-779548e64dc6","order":"7","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/10\/2695.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Italy may cut funds of auto sector\u2019s support mechanism","related_issue":[87655],"teaser":"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","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/10\/.f00232b9-c5f0-4689-a66e-e388b51b245e.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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