Business 4 December 2024, 10:33am

Hungary Energy Ministry projects leap in electric vehicle registrations by 2026

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The number of electric cars on the road in Hungary is reaching new highs, with a nine-fold increase since the beginning of 2020. Based on trends, the number of pure electric vehicles could double by 2026 from current levels, the Ministry of Energy said in a Facebook post on Wednesday.

Van egy autógyártó, amelyik a benzinfalóin keresett pénzből fejleszti az elektromos autóit

The number of battery electric vehicles (BEVs) newly registered in Hungary since 2020 has exceeded 68,400 by the end of November, with nearly 20 000 new BEVs registered in the first eleven months of 2024.

The Energy ministry forecasts that the number of battery electric vehicles registered in hungary could reach 120,000 by 2026.

This target seems realistic only if they mean the end of 2026, considering that an average of 2,000 new electric cars are newly registered every month. This figure has been exceeded already three times this year and market trends suggest that this trend will only continue to gain momentum.

To achieve this goal, the government is supporting electromobility with a total of nearly HUF 60 billion in two programmes:

On the one hand, businesses can apply for a HUF 30 billion grant for the purchase of pure electric cars, trucks or vans. Contracts have been signed for nearly two thirds of the total budget, with over 1,000 winning applicants subsidised to the tune of HUF 4.6 billion.
Also, a HUF 28 billion call for proposals was launched in November to tackle the white spots in the rural charging network. The tender will allow the creation of more than 100 new charging stations in the coming years, making it easier to use electric vehicles in underserved areas.

Since the beginning of February, businesses can apply for a non-refundable grant for the purchase of an electric car, truck or van. Depending on the battery capacity, the cost of buying an electric vehicle can be up to HUF 2.8-4.0 million. Businesses with fewer than ten employees can purchase no more than one vehicle, businesses with between 10 and 49 employees up to five, businesses with between 50 and 249 employees up to ten, and larger businesses up to 16 vehicles by spring 2025.