With the emerging trend of the world economy, and the effect of fossil fuels on the aggravating state of climate change, China is on way to completely ban the sale of fossil fuel-powered cars in the country. According to a recent report by Bloomberg, the regulators are presently working on the schedule of ultimately imposing the ban. This is going to result in an unprecedented reign of electric cars.
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China is the biggest automobile market
Being the largest automobile market in the world, China sold a whopping number of 28.03 million vehicles last year – a striking surge of 13.7% in demand against the sales number in 2015.
China has done considerably well to make the automobile manufacturers produce and sell new electric vehicles. 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.
In addition, the government has also incentivized the Original Equipment Manufacturers (OEMs) which includes the subsidies. This positive approach will help in boosting the sales of electric vehicles in the country. However, automakers would be required to cease the sale of fossil fuel cars in order to drive more electrified vehicles sales.
China is not the only country to impose ban on fossil fuel cars
France is also committed of phasing out fossil fuel cars by July 2040. Additionally, UK has also given the same timeline which indicates that China is not going to be the only country to cease the sale of traditional fuel cars.
The critics feel that imposing a ban on fossil fuel vehicles is unrealistic and unreasonable. According to them, it would only elasticize the overtaxed supply chain. On the other hand, the automakers are quite keen to manufacture electric vehicles as they look forward to sell electric or hybrid cars in the future.
It remains to be seen how quickly China will terminate the selling of fossil fuel-powered vehicles in the country as the decision will have a far reaching global impact on the automobile market.