HYMTF - EU endorses push to end internal combustion engine by 2035

Following 16 hours of negotiations, the European Union has agreed to a framework to eliminate carbon emissions from new cars and vans by 2035, effectively closing the chapter on the internal combustion engine. Many automakers are already in the process of switching over to cleaner fleets, but the industry will now face some pressure to hit the accelerator. The bloc's proposal was first raised in July 2021, but with the final endorsement in the bag, it will be up to members of the European Parliament to get the deal over the finish line. Areas of compromise: Environment ministers extended a CO2 exemption granted to so-called "niche" manufacturers - or those producing less than 10K vehicles per year - until the end of 2035. Italy, home to Ferrari (RACE) and Lamborghini (OTCPK:AUDVF), also gave up demands for a five-year delay in the EU's plan for carmakers to clean up their fleet.

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EU endorses push to end internal combustion engine by 2035