Transport Minister Chris Bonett has revealed in Parliament that between January and September 2024, 3,183 applications for subsidies on new electric vehicles were approved, amounting to €25.5 million in financial support.
He also confirmed that the scheme for plug-in hybrid vehicles, which was closed in 2022, will not be reinstated.
However, the Government will retain the subsidy for electric vehicle purchases next year, albeit at a reduced rate.
Finance Minister Clyde Caruana announced during the Budget speech that the maximum grant per car will be lowered to €8,000, down from the current limit of €11,000.
Interestingly, statistics from the third quarter of 2024 revealed a notable shift in consumer preferences between electric and hybrid vehicles compared to the previous quarter.
While sales of fully electric vehicles decreased by 14.2 per cent, plug-in hybrid vehicles (diesel-electric) saw a rise of 22.2 per cent. Similarly, sales of mild hybrid vehicles (diesel-electric) increased by eight per cent, while those of mild hybrids (petrol-electric) rose by 5.8 per cent.
These trends suggest an evolving dynamic in Malta’s transition to greener transportation, as consumers balance the benefits of fully electric and hybrid technologies.
Gozo Business Chamber proposes 40–60% cashback digitalisation incentive scheme for SMEs
The Chamber is also proposing a €3,000 annual wellbeing support scheme for micro enterprises
BNF Bank reports resilient first-half 2025 results
Despite challenges from its core banking system overhaul, BNF Bank closed H1 2025 with growth
Government finances slip into €518m deficit as expenditure outpaces revenue growth
Total government expenditure for the same period rose to €4.62 billion, an increase of €592 million year-on-year