World to see no new ICE vehicle sales by 2035 at latest, says CATL exec - CnEVPost

World to see no new ICE vehicle sales by 2035 at latest, says CATL exec

"The trend is already happening," said Ni Jun, CATL's chief manufacturing officer.

World to see no new ICE vehicle sales by 2035 at latest, says CATL exec-CnEVPost

(Image credit: CnEVPost)

Judging from the new energy vehicle (NEV) development plans released by major countries around the world, there will be no new internal combustion engine (ICE) vehicles on the market by 2030, or 2035 at the latest, according to a Contemporary Amperex Technology Co Ltd (CATL, SHE: 300750) executive.

"The trend is already happening," Ni Jun, CATL's chief manufacturing officer, said at the World Economic Forum's annual meeting in Switzerland. Ni participated in the meeting online.

China is making a big push to transition to new energy, allowing the NEV industry to see rapid growth, he said.

(Ni Jun, CATL's chief manufacturing officer. Image credit: CATL)

China sold 3.5 million NEVs in 2021, and the industry continued to grow in the first quarter of this year, he said, adding that while car sales fell from January to April compared with the same period last year, NEV production capacity more than doubled instead.

From the first-quarter sales, China's NEV penetration rate has reached 20 percent, Ni said.

The European Commission proposed legislation last July that would ban the sale of ICE vehicles in the EU by 2035. Lawmakers on the European Parliament's environment committee backed the plan earlier this month.

In response to the new EU regulation, Volkswagen has announced that it will stop producing all ICE vehicles by 2035.

In April, BYD announced it stopped production and sales of ICE vehicles in March this year to focus on pure electric and plug-in hybrid vehicles.

China is one of the fastest-growing markets for the global NEV industry, with NEV penetration reaching 29.6 percent of wholesale sales in April, according to data released earlier this month by the China Passenger Car Association (CPCA).

Phate Zhang/CnEVPost: Phate is the founder and main author of CnEVPost. He has been reporting since 2009, mainly on macroeconomics and capital markets. Contact via: [email protected]
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