Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  News  >  Economy & Forex

News : Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexEconomic EventsCryptocurrenciesCybersecurityPress Releases

Japan may ban sale of new gasoline-powered vehicles in mid-2030s - media

12/03/2020 | 12:18am EST
A Honda electric car is seen in Tokyo Motor Show in Tokyo

TOKYO (Reuters) - Japan may ban sales of new gasoline-engine cars by the mid-2030s in favour of hybrid or electric vehicles, public broadcaster NHK reported on Thursday, aligning it with other countries and regions that are imposing curbs on fossil fuel vehicles.

The move would follow Prime Minister Yoshihide Suga's pledge in October for Japan to slash carbon emissions to zero on a net basis by 2050 and make the country the second G7 nation to set a deadline for phasing out gasoline vehicles in a little over two weeks.

Japan's industry ministry will map out a plan by the year-end, chief government spokesman Katsunobu Kato told a news conference on Thursday.

The likelihood of state interventions to lower carbon emissions is fuelling a technological race among carmakers to build electric cars and hybrid gasoline-electric vehicles that will lure drivers as they switch from gasoline models, particularly in the world's two biggest auto markets, China and the U.S.

Measures already in place in Japan mean Japanese automakers, particularly big ones such as Toyota Motor Corp with greater research and development resources, could use electric vehicle technology they have already developed at home.

Nissan Motor Co chief operating officer Ashwani Gupta last month told Reuters his company was ready to respond to Britain's decision to hasten a phase-out date for new petrol and diesel powered cars and vans by five years to 2030 because it was part of a global trend.

Japan's industry ministry is considering requiring all new vehicles to be electric, including hybrid vehicles, NHK reported earlier, adding the ministry would finalise a formal target following expert-panel debates as early as the year-end.

Japanese automakers for now are keeping quiet on what impact those measures could have on their businesses.

Toyota, Honda Motor Co , Nissan and its alliance partner Mitsubishi Motors Corp declined to comment.

In Japan, the share of electricity vehicles is expected to increase to 55% in 2030, Boston Consulting Group said in a report on prospects for battery-powered cars.

Globally, "the speed of expansion of the share of electric vehicles will accelerate due to the fact that battery prices are falling more rapidly than previously expected," Boston Consulting said in the report. ]

Japan, China and South Korea recently announced firm targets to end net emissions of carbon, which has given momentum for companies and banks to push for cutbacks to keep global warming in check.

Apart from Britain, parts of the United States and Canada, Norway and Germany, are or plan to imposed curbs on fossil fuel cars. The wider European Union is expected to decide on future restrictions as early as this month.

(Reporting by Chris Gallagher, Tetsushi Kajimoto, Aaron Sheldrick and Tim Kelly; Editing by Leslie Adler, Christopher Cushing, Simon Cameron-Moore and Gerry Doyle)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
HONDA MOTOR CO., LTD. 1.69% 2833.5 End-of-day quote.-1.53%
MAZDA MOTOR CORPORATION 5.50% 787 End-of-day quote.13.73%
MITSUBISHI MOTORS CORPORATION 4.05% 231 End-of-day quote.6.45%
NHK SPRING CO., LTD. -1.36% 728 End-of-day quote.2.82%
NISSAN MOTOR CO., LTD. 3.91% 544.3 End-of-day quote.-2.80%
SUBARU CORPORATION 0.80% 2023 End-of-day quote.-1.92%
SUZUKI MOTOR CORPORATION 3.89% 5231 End-of-day quote.9.39%
TOYOTA INDUSTRIES CORPORATION -0.24% 8380 End-of-day quote.2.32%
TOYOTA MOTOR CORPORATION 0.94% 7708 End-of-day quote.-3.13%
Latest news "Economy & Forex"
05:13aKremlin says would welcome Biden's efforts to extend New START arms control treaty
RE
05:10aOil above $56 on U.S. stimulus hopes ahead of Biden inauguration
RE
05:08aBiden set to rejoin Paris climate accord, impose curbs on U.S. oil industry
RE
05:07aSixth Street Partners To Acquire Life Insurance Business Talcott Resolution For $2 Billion - WSJ
RE
05:00aKremlin, commenting on incoming biden administration's stated desire to extend new start arms control treaty, says would only welcome such a move
RE
05:00aKremlin says would welcome Biden's efforts to extend New START arms control treaty
RE
05:00aCENTRAL BANK OF OMAN : International Monetary Fund Staff Virtual...
PU
05:00aBiden to sign executive order that builds on supreme court decision prohibiting workplace discrimination for sexual orientation or gender identity -statement
RE
05:00aBiden to propose extended eviction, foreclosure moratorium through march -statement
RE
05:00aBiden will reengage u.s. in world health organization, with dr. anthony fauci representing biden administration at who meeting on thursday -statement
RE
Latest news "Economy & Forex"