Europe automakers will not challenge 2035 fossil-fuel car ban, industry group says
Reuters
Published Feb 26, 2024 05:51PM ET
By Gilles Guillaume
(Reuters) - Europe's automakers will not challenge the European Union's decision to effectively ban fossil-fuel vehicles as of 2035 no matter who wins this year's European parliamentary elections, the head of the continent's auto industry group said on Monday.
Speaking at a press conference at the Geneva car show, Luca de Meo, president of the European Automobile Manufacturers Association (ACEA), said the auto industry's responsibility "as business leaders... is not to argue against the regulation.”
"We are not contesting 2035," said de Meo, who is also CEO of French carmaker Renault (EPA:RENA). "Now we must get down to it."
A full fossil-fuel car ban in 2035 "is potentially feasible, but the right conditions must be put in place," he added.
Slowing demand growth for electric vehicles has upped the pressure on Europe's auto industry to cut costs and develop more affordable models as new Chinese rivals arrive with lower-cost models.
Automakers have argued repeatedly that more government subsidies and more ubiquitous charging infrastructure are needed to spur demand for EVs and encourage mass adoption.
Get The News You Want
Written By: Reuters
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.