Economic news

All new vehicles sold in Europe will be electric by 2035 – ING

Dutch bank ING published a report, according to which all new cars in Europe by 2035 will be equipped with an electric engine. The electric driving will be supported by state programs, as well as a drop in the cost of production of lithium-ion batteries.

The development of a mass market for electric vehicles can have a very negative impact on European auto companies as U.S. and Asia already are very dominant on that market. If in the production sector European companies are leading with a market share of 25%, then in the production of lithium-ion batteries manufacturers from Europe have only 3 percent of that market.

France last week announced that it plans to ban the sale of cars with diesel and gasoline engines by 2040.

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