Blog
Karousos: Second Phase Budget for Electric Vehicles at €10 million
December 28, 2022
The Minister of Transport, Communications and Works Yiannis Karousos announced today that the budget for subsidies aimed at the purchase of electric vehicles and the scrapping of old cars, motorcycles, mopeds and bicycles will stand at €10 million for 2,518 grants.
The budget is part of the second phase of the incentive scheme to convince motorists to turn electric, one of the key tenets of the Cyprus recovery and resilience plan - the EU will disburse a total of €1.2 billion in grants and loans under the Recovery and Resilience Facility for the plan.
Karousos added, "There is also the scrappage program that will be combined with a lump sum of cash of €500, plus free bus tickets or with the purchase of a bicycle. There are 17 categories for pure electric vehicles with grants starting from €10 thousand, while for the scrappage scheme is €7.5 thousand."