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Germany Lays Out $5.9 Billion Plan to Foster Auto-Sector Restart

  • Automakers get aid for electric transition, truck scrapping
  • European car sales renew decline amid pandemic resurgence
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Chancellor Angela Merkel’s government offered Germany’s hard-hit auto industry 5 billion euros ($5.9 billion) in aid to help weather the coronavirus crisis and invest in the transition to electric cars.

Berlin will extend cash bonuses for purchasing electric-powered vehicles until 2025, expand the country’s charging network and make payments for topping up batteries easier. The government will also offer incentives to replace aging trucks and help component makers invest in new technology.