China plans to completely ban petrol and diesel cars

China Is Starting to Look Beyond Coal. It May Phase Out Gas Powered Cars Too

"Those measures will certainly bring profound changes for our vehicle industry's development", Guobin told Xinhua, China's official news agency.

"The ministry has also started relevant research and will make such a timeline with relevant departments".

Countries around the world are racing to phase out gasoline and diesel cars.

Chery EVs on display at the Beijing International New Energy Vehicle exhibition.

If China adheres to the timeline, it would become the biggest market to go all-electric for cars.

The ban will bring a significant impact to the environment as well as the development of China's auto industry, according to Xin.

It is also the largest producer of and market for new-energy vehicles, with more than 500,000 built and sold a year ago.

Chinese-owned vehicle maker Volvo said in July that all its new auto models would have an electric motor from 2019 and Geely, Volvo's Chinese owner, aims to sell one million electric cars by 2025.

The third-best performing ETF tracking material producers got a jolt from China after the country said it will set a deadline for automakers to end sales of fossil-fueled vehicles.

The news comes close off the back of similar plans in France and the United Kingdom, to segue away from fossil fuel-cars and towards electric vehicles.

According to China's national industry figures, sale of new energy vehicles topped 500,000 in the country in 2016. Sales of pure electric vehicles surged 65.1 per cent year on year to 409,000, accounting for 80 per cent of new energy vehicle sales, the Xinhua report said. While a slew of new electric auto launches from companies like Honda and Nissan are expected, Tesla has been reported to be in talks with the Chinese government for local production of electric vehicles as well.

Chinese-owned Volvo announced in July that every vehicle it makes from 2019 onward will have an electric motor.

China has already vowed to cap its carbon emissions by 2030, so a combustion engine ban is a likely mix with that plan as the country fights extensive air pollution problems.

He also said VW would "work hard" to comply with the NEV quota once China implements it next year. But for now, the Chinese government didn't define a target date, as done by both France and the UK.

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