Spain is reimplementing a bonus system for drivers that trade in cars to boost the sector that is pushing the economic recovery in the nation, according to government officials.
“We are going to extend the scheme with a further 70 million euros” ($95 million), Budget Minister Cristobal Montoro told an industry forum in Madrid.
The system was launched exactly one year ago as a test-balloon project. It has been renewed three times since then already.
Spain is Europe’s No. 2 auto-maker, and builds millions of vehicles each year. Still, 90% of them are expected, and recently a depression of home sales have been felt after a rough recession.
Meanwhile, the government has stated exports are a necessary factor for the recovery of the economy in Spain. “In Spain, the number of cars sold is subnormal. Consumption is low in our country and that is about confidence,” Montoro said.
“We can and must support domestic car-buying,” he said, adding that auto-making is “a leading sector for getting out of the crisis”.
Montoro stated that 700,000 cars are forecasted to be in Spain this year, as compared to 1.7 million a half-decade ago, before the crisis took hold in the country.
Vice-President of the car-makers’ association stated that auto-making accounts for nearly 25% of every euro spent within the country. “The auto industry is counting on Spain,” Armero said. “We are sure we will play a leading role in getting out of the crisis.”
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