© Reuters. FILE PHOTO: Technical employees work at the production line for the electric Volkswagen cars, model ID.3 and model ID. 4, in Zwickau, Germany, September 18, 2020. REUTERS/Matthias Rietschel

BERLIN (Reuters) – Germany’s automotive industry association on Wednesday cut its growth forecast for 2021 car sales in Europe’s biggest economy to 3% from 8% citing production hurdles posed by semiconductor shortages.

The Association of German Automobile Manufacturers (VDA) now expects car sales in Germany to be at 3.15 million units this year. It slashed its production forecast on Tuesday.

Presenting the figures at its summer news conference, VDA warned against a possible European Union de facto ban on combustion engines from 2035 and called for more investment in charging stations for electric cars in the bloc.

VDA said a ban on internal combustion engines would take a toll on jobs, innovation and consumers’ freedom.

“People don’t want bans, they want offers: innovative, attractive, networked,” VDA said in a statement.

German newspaper Frankfurter Allgemeine Zeitung reported on Tuesday that the European Commission was drafting a law, to be proposed next week, to reduce allocations for CO2 rights to zero by 2035 “at the earliest”.

Germany’s carmakers have been accelerating a shift to electric vehicles but charging infrastructure expansion has been a hurdle to the mass adoption of battery-powered vehicles.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.



Source link

LEAVE A REPLY

Please enter your comment!
Please enter your name here