China is the world’s largest new car market with sales of 28.03 million units the previous year. And now they were planned to ban gasoline and diesel vehicles in the market. Due to the impact on petroleum would be huge.
During an automotive forum more than the weekend in Tianjin at Xin Guobin, the vice minister of industry & information technology, revealed that the government is working on a timetable that will end up production & sales of fossil-fuel powered vehicles.
China’s ban on gas-powered car could damage oil market
The national government has been headed in this direction issuing generous new energy vehicle for a few years. They subsidies to automakers in order to build electric vehicles & for consumers to buy them. The subsides are cut back this year. The government is strongly expected to adopt a zero-emission vehicle mandate that similar to California’s project. With the help of this project the automakers would be mandated to manufacture a huge percentage of electric & fuel cell vehicles in very short term.
China welcomes the direction from other countries because it deals with increasingly crowded cities, increasing auto sells, & air pollution in growing metro parts. The country had already committed to launch its carbon emissions by the year 2030.
European countries are dealing with backlash from the Volkswagen diesel emissions cheating scandal which begun two years ago. This happened as more investigation & pressure coming from these nations & European Union.
Diesel-powered cars covered about half the market in the Europe with customers looking for some alternative since the scandal broke. While a few strict carbon emissions polices are even leading towards banning this fossil-fuel powered vehicles.
Angela Merkel, the German chancellor has suggested that Germany may follow its European neighbors on the ban of fossil-fuel vehicle.
A chart shows that nearly 80 % of the global auto market is pushing toward a phase-out of petroleum cars & adoption of electric vehicles.