A new ING report says that no one will manufacture any diesel or gasoline-powered cars in 2035. The researchers believe that an electric car will soon become cheaper than a traditional engine.
Bad news for European manufacturers
According to the researchers, electric cars will become cheaper than cars with a traditional combustion engine in 2024. Fuel and electricity prices, service costs and other factors have all been taken into account. Batteries will also perform better and better, while combustion engine-powered cars will become more expensive because of stricter emission regulations. The bold claim in the report is that no one will manufacture cars with a traditional combustion engine in 2035.
If true, that would be particularly bad news for European manufacturers, who have always focused on creating more efficient but intricate engines. However, electric engines are simpler and often imported from Asia or the United States. Those regions may dominate a large portion of the market soon, unless European manufacturers can quickly adapt.