China to phase out all petrol and diesel cars

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The decision by China could lead to serious ripples in the automobile manufacturing sector as the country is the largest vehicle market on the planet.

Xin Guobin, China's vice-minister of industry and IT, reportedly told a motor industry event in Tianjin over the weekend that the Chinese government is now working out a timetable to phase out sales of fossil fuel cars altogether.

The vice minister, Xin Guobin, said research on a ban is already underway, and that a timeline on possible implementation will come later.

Such a plan, he added, would "certainly bring profound changes for our auto industry's development".

Chinese authorities plan to ban the production of cars with petrol and diesel engines. From January to July 2017 alone - more than 2 lakh such vehicles have seen sold in China.

While there is no estimated date, a senior figure in the country's largest passenger auto manufacturer, Chery Automobile, said the likelihood is that it will be sometime after 2040, to leave plenty of time for the company and others to prepare.

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China has announced it is mulling over a ban on the production and sale of petrol and diesel based cars and vans from 2040 in an effort to boost the production of electric vehicles.

Xin said the policy would be implemented "in the near future", according to the official Xinhua news agency.

As well as moving to satisfy the demands of changing markets, Germany wants to ban sales of such vehicles by 2030, while the United Kingdom and France have pledged to to do the same by 2040.

China passed the United States previous year as the biggest electric auto market.

Chinese-owned carmaker Volvo said in July that all its new vehicle models would have an electric motor from 2019. Shares of BYD, the country's largest electric vehicle maker surged 7.2 percent, while Guoxuan High-Tech, a manufacturer of batteries for electric vehicles gained as much as 5.3 percent. This has already allured a lot of global companies like Ford, VW, Nissan, etc.to form joint ventures with Chinese carmakers. Chinese-owned manufacturer Volvo also said earlier this year that it will put electric motors in all its new cars from 2019.

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