Italy's government on Wednesday announced a 650 million euro ($700 million) stimulus package for the next three years to encourage people to buy low-emission electric or hybrid vehicles.

The decree adopted at a cabinet meeting chaired by Prime Minister Mario Draghi took the money from the "automobile fund", a budget for which 8.5 billion euros ($9.27 billion) is earmarked until 2030.

Under the new decree, purchases of low-emission electric or hybrid vehicles will be eligible for a bonus of between 2,000 and 3,000 euros, plus a 2,000-euro cash bonus for older-generation vehicles.

"With this greenlight for bonuses, we are giving a concrete and much-awaited response to the automobile sector which is suffering profoundly at the moment," said Economic Development Minister Giancarlo Giorgetti.

"This multi-year measure will allow companies to get their industrial plans onto the path of development," he added.

"First the pandemic, the shortage of raw materials and now the war (in Ukraine) are putting a severe strain on this sector which represents one of the jewels of Italy."

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