Nigeria in trouble as China prepares to ban petrol, diesel vehicles

The world's largest automotive market may announce a ban on conventional petrol and diesel powered vehicles in the coming decades.

"The ministry has also started relevant research and will make such a timeline with relevant departments".

Bloomberg quoted the country's vice minister of industry and information technology, Xin Guobin, as saying the ministry is working with regulators on the timetable of the phasing-out.

French carmaker Renault, which started producing cars in China previous year, will roll out two new-energy vehicles in the country - a sedan and small SUV - in 2018 and 2019, said Florence de Golfiem, its communications vice president for China.

An index tracking new-energy vehicles makers shot up almost 4 per cent early on Monday to a 14-month high, having gained over 20 per cent this year.

The decision by China could lead to serious ripples in the automobile manufacturing sector as the country is the largest auto market on the planet.

It remains to be seen how quickly China will terminate the selling of fossil fuel-powered vehicles in the country as the decision will have a far reaching global impact on the automobile market.

China is the world's biggest vehicle market and produced a total of 28 million cars a year ago, accounting for nearly a third of production worldwide.

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China is the world's largest auto market, with 28.03 million vehicles sold a year ago (a boost in demand of 13.7 percent when compared with the number of cars sold in 2015).

China plans to "elevate new-energy vehicles to a new strategic level", he said.

GM, Volkswagen, Ford, Daimler and many other automakers also have plans to beef up NEVs production.

In 2015, Chinese motorists bought 336,000 electric and hybrid cars, representing 40 percent of global sales.

Xin said the period up to 2025 will be critical for the auto industry.

China, in an effort to meet its promise to cap carbon emissions by 2030, is the latest country to unveil plans to phase out vehicles that run on fossil fuels. However, automakers would be required to cease the sale of fossil fuel cars in order to drive more electrified vehicles sales.

The Chinese government has already set quotas mandating that auto manufacturers must make enough electric and hybrid vehicles to account for 12 percent of all car sales by 2020. The UK and France have both pledged a deadline of 2040.

(Copyright © 2015. All Rights Reserved.)
 
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