The world’s largest vehicle market is going electric

That’s a lot of cars

 

Who killed the fossil fuel? China Did. In a move to accelerate the market entrance of electric car makers, China will set a deadline for all fossil-fuel-powered cars. The decision will have a huge affect on the China’s auto industry and the environment.

The world’s second-biggest economy, with sales of over 28 million cars in 2016, will ban gasoline and diesel-powered cars in its market, with an immense effect on the global economy.  The ban will drive global auto-makers to add more electric cars and clear the air in cities around the world.

Caring for the environment could prove to be very lucrative, as China is a huge vehicle market with generous government subsidies for local manufactures. Tesla is said to be working with the Chinese government to pursue local manufacturing, though change will take time, as China has the world’s largest scale of non-electric factories.

While this trend is catching, some countries who are dependent on Oil production and shipping, will be late to introduce national fossil-fuel bans.

To follow electric vehicle trend and its effect on Automakers’ shares and Oil prices visit the iFOREX platform where you can trade it as well as many other share CFDs and receive access to education resources and professional support.

 

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