Gloomy economic outlook pushes auto suppliers towards e-mobility – report
Clean Energy Wire
German automotive suppliers are increasingly focusing investments on electric vehicles and CO2 reduction strategies in order to avoid EU fines, as production figures have declined by 5 percent in the first half of 2019 in Europe, a report on the automotive sector from Commerzbank shows. “As a result of the gloomier economic outlook, we are seeing an acceleration of strategy change from automotive suppliers," said Cedric Perlewitz, automotive sector head at the bank. "From 2020, the clock is ticking for manufacturers,” who must meet stricter emissions reduction targets in order to avoid CO2 fines, he added. In Germany, Commerzbank has observed that manufacturers are pushing forward launch dates for electric cars with competition from Asia in mind. "Many suppliers are increasingly reporting successes with larger orders for electric vehicles,” Perlewitz said.
Germany's influential carmakers have all announced ambitious plans to increase the share of e-cars in their product portfolio over the next years. The German government had aimed to have a million electric vehicles on its roads by 2020, but has since said this target will likely only be reached by 2021 or 2022. It is under pressure to bring about changes in the transport sector, which has not significantly reduced its greenhouse gas emissions since 1990.