China to set deadline to end sales of fossil-fuel-powered cars
Chinese government has confirmed that it is working to set a deadline for automakers to end production and sales of fossil-fuel-powered cars in order to accelerate the push into the e-car market.
The decision is expected to have a profound impact on the environment as well as growth of the nation’s auto industry in the world’s second-biggest economy.
The move will also give a big boost to companies like BYD Co. and BAIC Motor Corp., which are leading the nation’s e-car market.
Liu Zhijia, Asst. GM at Chery Automobile Co., “The implementation of the ban for such a big market like China can be later than 2040. That will leave plenty of time for everyone to prepare.”
Chery Automobile Co., which is China’s largest passenger car exporter, introduced the world to a new line for fashionable battery-powered hybrid cars at the Frankfurt motor show a few days back.
In the after-hours trading in Hong Kong, stock in e-car makers BYD and BAIC gained 7.2 per cent and 2.9 per cent to HK$50.65 and HK$7.09 per share.
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