Rapid Evolution of the Italian Market for Electric Vehicles

Description

The automotive industry is rapidly evolving in terms of technology and tackling environmental issues. Electric vehicles have been introduced as a clean energy initiative, as they have low or zero emissions, and have come a long way to become an integral part of OEMs’ business strategies. Automakers are creating separate EV business units to prepare for an EV boom. However, the surge in EV demand will create a need for charging infrastructure and safety regulations and standards.

Italy has a nascent but rapidly growing EV market. Being part of the EU, its National Policy Framework (NPF) and targets are based on the October 2014 Directive launched by the European Commission with regard to alternate fuel vehicles to address environmental issues and energy security and independence, attracting investors to Europe for alternate fuel source development.

Italy had come under criticism for a lack of motion and growth in the EV sector. However, the newly elected 2018 government has made serious progress in terms of several reforms and charging station infrastructure. It has also stated its ambitions to surpass Norway and make Italy Europe’s top EV nation. Italy stands out due to its holistic approach, where considerations have been made for pushing EV sales through incentives and regulations, increasing charging infrastructure, and developing new charging technology and storage systems.