September 24th, 2017
Chinese automaker BYD Co Ltd (002594.SZ) expects the countryâ€™s shift to cleaner new-energy vehicles (NEV) to be complete in just over a decade, an aggressive timeframe that would challenge traditional carmakers in the worldâ€™ top auto market.
All vehicles in the country will be â€œelectrifiedâ€� by 2030, which could range from full electric cars to mild hybrids, BYD Chairman Wang Chuanfu said on Thursday. BYD, backed by Warren Buffett, has already invested heavily in the NEV market.
Carmakers around the world are grappling with government plans to shift away from petrol engine cars to newer, less polluting technologies – a trend that is creating one of the most seismic shifts the automotive industry has gone through.
Earlier this month, a senior Chinese official said the country had begun studying when to ban the production and sale of cars using traditional fuels, without giving a timeframe for the shift. The United Kingdom and France have said they will ban new petrol and diesel cars from 2040.
â€œWe are very confident about all the timetables (to eliminate fossil fuel cars) and we think it will happen earlier than expected,â€� Wang said at an event in Shenzhen. â€œVarious governments have announced timetables to end the sale of fossil fuel cars and this is putting pressure on everyone else.â€�
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