China plans to completely ban petrol and diesel cars

China plans to completely ban petrol and diesel cars

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

Such a plan, he added, would "certainly bring profound changes for our auto industry's development". Both countries have aimed to outlaw the sale of conventional petrol and diesel cars and vans by 2040 - though hybrids will still be permitted.

Norway and India already have enacted mandates calling for a complete switch to zero-emissions vehicles during the coming decade, and France and the United Kingdom have signaled similar plans are in the works. Ganfeng Lithium extended gains of nearly 300 per cent this year, trading up more than six per cent while Warren Buffet-backed firm BYD rose 4.26 per cent in Shanghai today.

He said automakers should have a thorough understanding of the situation and readjust their strategies.

Neither of those targets looks especially ambitious, given the rapid drop in battery costs-in the USA and European Union, electric cars will reach price parity with conventional vehicles in terms of purchase and running costs around the mid-2020s, according to BNEF.

The move will have a profound impact on the environment and growth of China's auto industry, Mr Xin said at an automobile forum in Tianjin last Saturday.

Already, electric vehicles (EVs) have experienced a surge in ownership in China with the country's largest EV manufacturer, BYD, shipping nearly 47,000 emission-free cars so far this year.

Chinese companies are betting big on electric cars, like the "LeSEE" concept vehicle internet company LeEco Holdings Ltd unveiled in a year ago. The country has empowered foreign automakers to build a third joint venture with the local automakers to promote manufacturing electric vehicles in place of fossil fuel cars. However, automakers would be required to cease the sale of fossil fuel cars in order to drive more electrified vehicles sales.

The world's biggest auto producer and manufacturer produced and sold over 28 million vehicles in 2016. State-owned power companies have been asked to set up a large number of electric charging points for electric vehicles.

Though Chin has announced its intentions, the process will be complicated and will take time for all the auto-sector regulators to come up with an implementation plan, said Zhang Yang, a vice president at Nio.

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