The European Union has decided to end tax breaks for corporate cars powered by fossil fuels, promoting electric vehicles (EVs) instead. This move aims to reduce carbon emissions and support the EU’s green transition.
In a significant shift, the EU will phase out incentives for companies using traditional gasoline-powered vehicles. As part of this change, EVs are set to receive increased funding and support. The European Commission has announced plans to increase investment in renewable energy sources, aiming to reach net-zero carbon emissions by 2050.
This move reflects the EU’s commitment to tackling climate change and reducing greenhouse gas emissions. With the growing demand for sustainable transportation options, the promotion of EVs is expected to have a positive impact on the environment. As part of this initiative, companies will be encouraged to adopt cleaner technologies and reduce their reliance on fossil fuels.
Source: https://www.reuters.com/business/autos-transportation/eu-promote-company-evs-with-end-tax-breaks-fossil-fuel-corporate-cars-2025-03-04