By Tyler Durden
As if the speculative EV mania needed any more fuel thrown on its fire, Japan is joining numerous other countries – and California – in setting a date to make all new cars electric and “eco friendly” by the mid 2030s.
The country’s Ministry of Economy, Trade and Industry has said they are considering abolishing conventional cars and shifting purely to hybrids and electrics within the next 10 to 20 years, according to Nikkei.
The move is part of a broader plan for the entire country to go “zero emissions” by 2050. Vehicles made up 16% of the country’s total emissions in 2018, according to the report. An official announcement is expected later this month at a conference attended by experts and car industry executives. This will be followed by more concrete plans and timelines.
“Many territories” have already said they are going to ban the sale of new ICE vehicles by 2030, the report says.
Currently, the country is focused on making car makers improve efficiency by 30% by the end of 2030. The country does not plan on banning hybrids. Key auto makers in Japan have already offered their support: Toyota has stated they will offer an electric option for all models by 2025 and Nissan aims to raise its ratio of hybrid to electric cars from 30% to 60% by as early as 2023.
The U.K. already has similar legislation planned, banning ICE cars by 2030 and hybrids by 2035. California will also ban sales of new ICE cars by 2035. France has said they will do the same by 2040.
China is considering implementing similar rules by 2035, allowing a mix of EVs and hybrids.
Source: Zero Hedge
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