Italy's Automotive Industry Funding Cuts

ROME (Reuters) – Italy's government plans to cut funds previously set aside to support the country's automotive industry to avoid funding cars made in China, according to the economy minister on Thursday.

As part of next year's budget, Rome wants to divert 4.6 billion euros ($4.96 billion) out of the 5.8 billion euros earmarked for the 2025-2030 period to fund the automotive sector.

"We are not cutting funds for companies that want to carry out conversion processes, we are cutting funds for incentives aimed at supporting electric cars made in China or other countries," said Economy Minister Giancarlo Giorgetti.

($1 = 0.9267 euros)