News Worms
News Worms


China eyes petrol auto ban, boosting electric vehicles

China eyes petrol auto ban, boosting electric vehicles

China is now the second largest oil consumer in the world after the US.

The official news agency Xinhua reports that Xin Guobin, vice-minister of industry and information technology, announced the plans over the weekend, saying these measures will profoundly change the manufacturing sector. The ministry will work out the timetable, Xin said.

He added: "Those measures will certainly bring profound changes for our auto industry's development".

Britain: The U.K. said in July that it would ban sales of new gasoline and diesel cars starting in 2040 as part of a bid to clean up the country's air.

Analysts are unanimous on the impact of such bans on the pricing and relevance of oil in the nearest decade.

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

A forecast of electric vehicle sales from OPEC, a group of oil-producing countries, ballooned 500 percent between 2015 and 2016, to a total of 266 million electric vehicles by 2040. Making the environment sustainable is definitely a motivator for the local authorities to ban fossil fuel powered vehicles in the future.

China is looking to join the growing number of countries setting bans in place for vehicles that run on fossil fuels.

China's biggest vehicle manufacturers are facing a seismic shift, with the help of the government, in a bid to drastically reduce the country's carbon footprint in the decades to come.

The smog the covers Beijing and other large cities in China now has regulators examining a plan to eliminate vehicles powered by internal combustion engines.

Chinese electric-car maker BYD Co Ltd, backed by US billionaire Warren Buffet, saw its shares jump, while lithium products maker Jiangxi Ganfeng Lithium Co Ltd rose more than 5 percent to a record high.

According to Bloomberg, the world's second-biggest economy is aiming to establish a deadline for automakers, in what could mark the biggest shift yet towards the global use of electric vehicles.

The world's second-biggest economy, which has vowed to cap its carbon emissions by 2030 and curb worsening air pollution, is the latest to join countries such as the United Kingdom and France seeking to phase out vehicles using gasoline and diesel.

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