- Sales of electric vehicles are growing at a rate of 55% per year.
- California and the EU have banned the sale of new combustion vehicles after 2035.
- However, analysts predict that by 2050, there will still be up to 1 billion combustion vehicles on the roads.
- This will worsen extreme weather conditions and contribute over $1 trillion in revenue to the oil industry.
- Major automakers will have more time and resources to transition to electric vehicles.
- China currently dominates the electric vehicle, battery, and critical metals industries.
- However, other countries, such as Australia, India, and the US, have started pushing back against Chinese investment in these industries.
- There is suspicion and concern about Chinese EV companies in countries like France, which is calling for an investigation into unfair subsidies by the Chinese government.
- This could potentially lead to new tariffs on Chinese EV imports to the EU.
- China's recent actions, such as threatening to curb exports of important materials and banning coal imports from Australia, have further fueled concerns about dependence on China.
European car manufacturers face an unwinnable battle with China as the EU proceeds with its ban on petrol cars, according to the CEO of BMW.
Europe's automakers are showcasing their latest electric vehicles at the IAA Mobility car show in an attempt to compete with Tesla and counter the increasing competition from Chinese companies such as BYD and Xpeng.
Europe's carmakers are facing a tough battle to catch up with China in the development of affordable and consumer-friendly electric vehicles, with Chinese EV makers already a generation ahead, according to industry analysts and executives at Munich's IAA mobility show.
Chinese electric vehicle maker Xpeng plans to expand into more European markets, including Germany, Britain, and France in 2024, following its successful entry into the Netherlands and Norway.
Volkswagen is prepared for Europe's 2035 ban on new sales of fossil-fuel cars and plans to lower battery costs through partnerships in China, according to Chief Executive Oliver Blume.
Volkswagen is facing significant challenges in the global electric vehicle market, particularly in China, as it lags behind local competitors and Tesla, putting its position as an industry leader and German economic stability at risk.
India's road transport minister has warned automakers to reduce production of polluting diesel vehicles or face higher taxes and levies, raising concerns in the country's car market, which is the third-largest in the world; petrol vehicles have been the top sellers in recent years, while diesel carmakers have seen a decline in market share, although diesel variants remain popular in the luxury segment.
Tesla is expected to benefit from European protectionist measures as regulators crack down on Chinese electric vehicle (EV) competition, causing stocks of Chinese EV companies like NIO and XPeng to plunge.
The European Commission has launched an investigation into whether to impose punitive tariffs on Chinese electric vehicle (EV) imports that it considers to be benefiting from state subsidies, as the Chinese share of the European EV market has reached 8% this year.
The European Union is investigating China's state support for electric vehicle makers due to concerns about the impact on European auto manufacturers, with Chinese companies already gaining a substantial market share in Europe through cheaper prices and subsidies.
China accuses the European Union of "blatant protectionism" following an "anti-subsidy" investigation into China's electric vehicle makers, posing a threat to China-EU trade relations and potentially leading to tariffs on Chinese EVs.
The European Union and China are in a dispute over electric vehicles, which could potentially benefit auto stocks in the short term and have negative consequences for diplomatic relations.
Ford warns that prolonging the UK's ban on new internal combustion engine (ICE) vehicle sales beyond 2030 would jeopardize the country's transition towards cleaner energy and undermine its commitment to a greener future.
The UK government has announced a five-year delay on the ban of new gasoline and diesel cars, angering carmakers who warned that it would hinder the transition to electric vehicles and harm the industry.
The UK has rolled back its ban on gas-powered cars until 2035, a decision that has sparked backlash from environmentalists, automakers, and politicians.
