Upcoming Deadline for Company EV Subsidy
The deadline for companies in Hungary to apply for a grant for the purchase of pure electric vehicles is quickly approaching. Since February last year, companies have been able to apply for a grant of HUF 2.8-4 million (EUR 6,800-9,700) per vehicle for the purchase of a pure electric car, van, or minibus. The green transport promotion scheme will remain open until the end of March, as announced by the Ministry of Energy on its official Facebook page.
With a budget of HUF 30 billion (EUR 72.7 million), over two-thirds of the funds were put out to tender last year, resulting in half of it being contracted and nearly a fifth already being paid out to successful applicants. In 2024, 4,600 companies applied for a total of nearly HUF 21 billion (EUR 50.8 million) to buy 5,400 electric cars. The Ministry of Energy eased the conditions for participation in October, leading to a significant increase in applications.
BYD emerged as the clear winner in the brand competition leading up to New Year’s Eve, with over 1,300 applications. Tesla, Volvo, Hyundai, Cenntro, Volkswagen, and Nissan also received a substantial number of applications for electric vehicles.
The Hungarian government is investing approximately HUF 60 billion (EUR 145 million) in two programs to support the spread of electromobility. One program aims to expand rural charging networks to achieve national coverage. The country has already registered over 68,000 pure electric cars, contributing to a nine-fold increase in the most environmentally friendly fleet since the beginning of 2020.
This rapid growth in electric vehicle adoption has also led to a 7 percent decrease in transport greenhouse gas emissions in 2023. The Ministry of Energy projects that there could be 120,000 pure electric vehicles on Hungarian roads as early as next year.
Overall, Hungary is making significant strides towards promoting sustainable transportation and reducing its environmental impact through the adoption of electric vehicles.
