China Fossil Fuel Deadline Shifts Focus to Electric Cars

China to ban production and sale of traditional fuel vehicles                
          by          CRI
          Sep 11 2017 10:42          ENV

China is gearing up to ban petrol and diesel cars, a move that would boost electric vehicles and shake up the world's biggest auto market in a country that is plagued by pollution.

The ban will lead to a reduction of oil demand in China, as the country is now the world's second-largest oil consumer after the United States, US. "The ministry has also started relevant research and will make such a timeline with relevant departments", said Xin Guobin vice minister of industry and information technology.

Such a plan, he added, would "certainly bring profound changes for our auto industry's development".

Chinese authorities plan to ban the production of cars with petrol and diesel engines.

Countries around the world are racing to phase out gasoline and diesel cars.

The news has already seen share prices in electric vehicle manufacturer BYD climb, as did shares in lithium battery makers Jiangxi Ganfeng Lithium Co Ltd.

The Chinese market is already dominated by domestic manufacturers like BAIC and BYD, which have aggressively pursued the electric vehicle business.

It is also the largest producer of and market for new-energy vehicles, with more than 500,000 built and sold past year.

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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.

France is also committed of phasing out fossil fuel cars by July 2040.

China is also planning to introduce a credit system for automakers.

The ban would see China, the world's biggest vehicle market, follow in the footsteps of Britain and France, both of which had previously stated their intention to ban the manufacture of fossil-fuelled cars as they sought to reduce harmful emissions.

The country is aiming to use the ban as a way to encourage local automakers into developing electric cars. However, the news boosted stocks in China's new energy auto firms.

Chinese auto companies including BYD, BAIC and Geely ranks among the top brands worldwide in terms of electric vehicle sales past year, according to the China Passenger vehicle Association.

The move would follow similar announcements made by France and the United Kingdom this year.

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