Buyers of electric vehicles (EV) are set to get a boost to their finances as the Government ramps up its grant payouts to eliminate a large backlog that had beneficiaries reporting months of delays.
Maltese residents are eligible for a generous grant of up to €12,000 when trading in their fuel-burning vehicle for one that runs with a battery. As per the scheme’s guidelines, the funds should be disbursed within a couple of months.
Over the last two years, there have repeatedly been lengthy delays, with many buyers reporting that the funds had not yet arrived six or even nine months after they purchased the vehicle.
This was causing problems for the buyers and vendors alike, as the deal would typically be structured to allow a grace period of six months from the date of purchase before interest starts being applied on the outstanding (grant) amount.
The delays meant that some buyers were being charged interest, while others chose to pay off the outstanding amount out of pocket. Autodealers were meanwhile facing issues with cash flow as the promised money was being significantly delayed.
However, it now seems like the issue has been brought under control.
Replying to a parliamentary question posed by Shadow Minister for Transport and Mobility Mark Anthony Sammut, Transport Minister Chris Bonett said that applications for EV grants made towards the end of last year are currently being processed and approved.
“We will soon be up to date,” he said.
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