The European Union (EU) is at it again, this time targeting automakers and the combustion engine. The EU announced a proposal to increase its cut on carbon emissions from 37.5% to 55% by 2030, and a 100% cut by 2035. This percentage cut will be based on 1990 levels. If passed, automakers will be banned from selling combustion engine cars in all 27 countries that make up the European Union. This will no doubt put pressure on automakers to transition from petroleum and diesel-operated vehicles to electric vehicles.
Many are questioning whether this is even feasible. Right now, the EU does not have the infrastructure to support a complete ban on fossil-fuel-powered vehicles. This has been noted by the proposal to install public charging stations no more than 60 kilometers apart. The commission expects 3.5 million charging stations by 2030, increasing to 16.3 million by 2050. To pass, the new measures will need approval by all 27 EU countries.
Automakers Make Push to Turn Electric
Volvo Automaker Commits to 100% Electric Vehicles by 2030
Volvo is fully committed to becoming one of the first car companies to go 100% electric by 2030. The car company plans to slowly phase out the combustion engine, including all hybrid vehicles in the next 10 years. Volvo is betting on proposed legislation that will boost the number of public charging stations available to the public. The company believes this will increase consumer confidence and help with the transition from fossil fuels to electric-powered vehicles.
General Motors Goes all-in on Electric
General Motors plans to phase out the combustion engine by 2035. By this time, all vehicles sold will be powered by electricity. The company is joining the bandwagon and taking advantage of government proposals that will force companies to move towards renewable energy sources or face the prospect of going out of business. The proposed legislation will no doubt force consumers to start buying electric-powered vehicles causing this segment of the market to explode.