The Belgian region of Flanders is set to cancel its electric vehicle (EV) purchase premium earlier than anticipated, following overwhelming demand from consumers.
The subsidy program, which was reintroduced in February 2024, was intended to run through the end of the year but will now conclude on November 22, 2024. The regionâs treasury has already exhausted its funding, which was significantly over-subscribed.
The purchase premium offered consumers a 5,000-euro bonus for new electric cars with a list price under 40,000 euros and a 3,000-euro bonus for used EVs priced below 60,000 euros.
By mid-October, more than 11,500 applications had been submitted, surpassing expectations and costing the Flemish government around 50 million euros â two and a half times the originally allocated budget of 20 million euros.
Initially, the government had planned to continue the subsidy through 2025 and 2026, but due to financial concerns and the upcoming regional elections in the summer of 2024, the new administration decided to end the program earlier than planned.
Buyers still interested in taking advantage of the bonus must finalize their purchase by November 22, though those with valid purchase contracts will have until December 31 to apply for the subsidy.
