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France will ask auto makers to fund new car trade-in payments

PARIS (Reuters) – France will ask carmakers on Monday to help fund an expanded trade-in program to get older, polluting cars off the road with incentives for new ones, the French finance minister told daily Le Parisien on Sunday.

The existing government-funded scrappage scheme, which mainly targets old diesel cars, is already oversubscribed.

The widening of the incentive is partly funded by a hardening of the tax on polluting vehicles adopted on Tuesday, which should raise 40 million euros (35.5 million pounds) to reach a total of 610 million next year to finance contributions for the purchase of more environment-friendly cars.

The minister’s agenda says he will hold meetings with Environment Minister Francois de Rugy and carmakers, such as Renault (PA:RENA) and PSA, to “discuss measures aimed at speeding up the vehicle fleet’s ecological transition.”

“With Francois de Rugy we will ask carmakers tomorrow to contribute to the conversion premium,” Finance Minister Bruno Le Maire told Le Parisien in an interview, adding that the incentive should be more efficient and reach more French people.

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