🎁 💸 Warren Buffett's Top Picks Are Up +49.1%. Copy Them to Your Watchlist – For FreeCopy Portfolio

Britain keeps timeline for 2035 fossil fuel car phase-out despite delay

EditorRachael Rajan
Published 29/09/2023, 04:06 am
© Reuters
GM
-
F
-
TSLA
-
STLA
-
RIVN
-

Britain revealed Thursday that the country will continue with its previous timetable to eliminating fossil fuel-burning cars by 2035, mitigating the consequences of last week's five-year delay, which now mandates that petrol and diesel vehicles must incorporate hybrid engines.

This announcement means that the policy shift introduced last week by Prime Minister Rishi Sunak's will not generate as much disruption to the industry as manufacturers had anticipated.

The rule stipulates that just 20 percent of the vehicles manufactured will retain the capability to use petrol or diesel fuels from 2030 to 2035. Therefore, Prime Minister Sunak's decision to remove the hybrid requirement will only impact a relatively small portion of the vehicle fleet.

"Our mandate provides certainty for manufacturers, benefits drivers by providing more options and helps grow the economy," said transport minister Mark Harper.

The government's timetable, revealed Thursday, confirms that there will be no alteration to the existing plan for gradually increasing the proportion of vehicles that generate no emissions whatsoever.

According to the zero emission vehicles (ZEV) mandate, which will remain in place, car manufacturers are required to ensure that 22% of their sales next year are EVs. This percentage will progressively rise, reaching 80% EVs by 2030 and ultimately achieving a full transition to 100% EVs by 2035.

"With less than 100 days to go, manufacturers finally have clarity on what they are required to sell next year and up to 2030," said Society of Motor Manufacturers and Traders (SMMT) CEO Mike Hawes in a statement.

The government also maintained its prior objective of achieving 70% electric van sales by 2030, followed by a complete transition to 100% electric van sales by 2035.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.