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An electric vehicle is one that uses one or more electric motors to propel itself (EV). It can be powered by an internal battery, a collection system, or electricity from outside the vehicle (sometimes charged by solar panels, or by converting fuel to electricity using fuel cells or a generator).
Surface and underwater vessels, electric aeroplanes, and electric spacecraft are just a few examples of electric vehicles (EVs). Linked, Autonomous, Shared and Electric (CASE) Mobility, which also encompasses other emerging automotive technologies like shared mobility, autonomous driving, and linked vehicles, is a concept for the future of transportation that includes EVs for road vehicles.
The Latvia Electric Vehicle Market accounted for $XX Billion in 2021 and is anticipated to reach $XX Billion by 2030, registering a CAGR of XX% from 2022 to 2030.
Latvia introduces subsidies for new & used EVs.An electric vehicle and plug-in hybrid subsidy programme has been announced by the Latvian government.
Purchases of new plug-in hybrids, second hand(used) electric vehicles, and new electric vehicles will all receive subsidies.
The initiative has a predetermined end date and no more money is available. The subsidy is raised if the old car is scrapped.Similar subsidy programmes in other nations also have these criteria, albeit at a lower level, but the Latvian subsidy includes a unique element: a minimum mileage requirement.
The required annual mileage for the government-funded electric vehicle is 15,000 miles, or roughly 40 miles per day on average, for a total of 80,000 miles. A portion of the subsidy must be repaid if fewer vehicles are driven.
The subsidy, according to the Minister of Environmental Protection, is meant to promote the use of electric vehicles more widely while also encouraging the construction of new charging stations.
Whether the emission reductions projected for the programme are the most efficient way to reduce CO2 depends on the market and the incentives towns receive to plan charging stations for electric vehicles.
