In an effort to align with Europe’s tightening carbon emission regulations, German automaker Volkswagen has announced it will no longer sell vehicles with combustion engines come 2035.
The era of gasoline and diesel-powered engines is coming to a close— and soon. Volkswagen’s head of sales, Klaus Zellmer, has revealed to German newspaper Muenchner Merkur that the automaker will phase out internal combustion engines starting 2033, and by 2035, European consumers will only be able to purchase cars that offer electric power. Zellmer added that Volkswagen will also stop selling internal combustion engines in the US and China as well, but at a later date.
Volkswagen also noted that it wants its electric cars to account for at least 70% of the automaker’s total European sales by 2030, and also make its entire fleet carbon neutral by 2050. The automaker’s latest announcement comes as the EU reportedly proposes to ban all new combustion-powered vehicles by 2035, in an effort to better align with its ambitious zero-emission targets.
However, Volkswagen is not the only automaker to make such a strong move into the EV market. Earlier this year, Ford announced that it will only offer electric vehicles in the European market by 2030, while Honda also said it will phase out combustion engines by 2040. Audi, a subsidiary of Volkswagen, meanwhile intends to halt production of combustion engines by 2026.
Information for this briefing was found via Muenchner Merkur. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.