Volkswagen AG is putting its full force behind a shift into electric cars as the world’s largest automaker accelerates away from combustion engines and tries to draw a line under the emissions-cheating scandal that’s weighed on the company for two years.
China will set a deadline for automakers to end sales of fossil-fuel powered vehicles, a move aimed at pushing companies to speed efforts in developing electric vehicles for the world’s biggest auto market.
The global demand for oil will peak within the next five years, driven largely by the increased market presence of electric vehicles, a top energy consultancy said.
The world’s biggest oil producers are starting to take electric vehicles seriously as a long-term threat.
Just one day after we found out that Volvo intends to stop selling cars with exclusively internal combustion engine drivetrains by 2019, France’s minister of the environment Nicolas Hulot has detailed a plan to the Financial Times for the country that includes ending the sale of fossil fuel-powered cars by 2040. The effective ban will be achieved through a mix of financial incentives for alternative fuel vehicles, and increased taxes on older, internal combustion cars.
According to a report released this week by the International Energy Agency, the total number of electric cars on roads around the world surpassed two million in 2016. More than 750,000 of those registrations came last year, continuing a trend of steady global growth, largely off the back of continued EV adoption in China.