The European auto industry has decided not to contest the European Union’s (EU) decision to ban fossil-fuel vehicles by 2035, regardless of the outcome of the upcoming European parliamentary elections.
What Happened: The European Automobile Manufacturers Association (ACEA), headed by Luca de Meo, announced on Monday that the auto industry will not challenge the EU’s decision to ban fossil-fuel vehicles by 2035. Reuters reported that this decision will stand regardless of the winner of the upcoming European parliamentary elections.
Meo, who is also the CEO of Renault, (OTC:RNLSY) stated, “We are not contesting 2035. Now we must get down to it.”
He added that a complete ban on fossil-fuel vehicles by 2035 is “potentially feasible, but the right conditions must be put in place.”
The European auto industry is under pressure due to the slowing demand for electric vehicles (EVs) and the arrival of new Chinese competitors with more affordable models. Automakers have consistently called for increased government subsidies and a more widespread charging infrastructure to boost EV demand and encourage mass adoption.
Despite the challenges, the projected decline in fossil fuel demand is a positive sign for the global effort to reduce reliance on fossil fuels, with the auto industry’s acceptance of the 2035 ban being a significant step in this direction.
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