Davis Index: Market Intelligence for the Global Metals and Recycled Materials Markets

The United Kingdom plans to ban the sale of new gasoline and diesel vehicles by 2030 and hybrid vehicles by 2035, creating space for the rapid growth of electric vehicle(EV) market. 


The UK plans to spend £500mn ($664mn) over the next four year to increase EV output and will invest £1.3bn on charging stations in every part of the country. It will also provide subsidies to help consumer purchase zero emission vehicles. 


That said, many car manufacturers like Hyundai and Toyota are disgruntled with the decision, stating that a 15-year deadline does not give them enough time to fully electrify the automotive market. Besides, carmakers in the UK feel the hybrid ban will take away investment interest from many manufacturers in the UK. 


£1 = $1.33

Leave a Reply

Your email address will not be published.