The European Parliament on Tuesday, Feb. 14, voted to approve a ban on sales of new fossil fuel cars from 2035. The hope is that the move will support the EU’s plan to become "climate neutral" by 2050, an economy with net-zero greenhouse gas emissions. This is in line with many other industrialized nations. Global automakers, however, face steep competition when it comes to the electric vehicle market. 

The EU Parliament on Feb. 14th approved a law that bans the sale of new fossil fuel cars by 2035. 

The aim is to expedite the switch to electric vehicles (EVs) and protect the environment. 

"The industrial revolution is happening whether we like it or not. We can choose to lead it, we can choose to do it in a way that is socially compatible with our values, or we can leave it to other parts of the world to lead it and then all we can do is follow and deindustrialize” said Frans Timmermans, European Commission Executive Vice-President in a speech at the EU Parliament. 

Meanwhile, the global competition among "new energy vehicle" manufacturers is intense...

Especially in one market that accounted for nearly two-thirds of global EV sales in 2022. 

That is China.   

China is now the biggest consumer and producer of electric vehicles in the world. 

And the country continues to roll out new models. 

"Let me remind you that between last year and the end of this year China will bring 80 models of electric cars to the international market. These are good cars. These are cars that will be more and more affordable, and we need to compete with that. We don't want to give up this essential industry to outsiders." added Timmermans. 

Rising incomes in China, along with government incentives, have helped boost China’s automotive industry. 

China even launched a pilot program earlier this month to electrify its public sector vehicles. 

Tesla, with a factory in Shanghai, enjoys a large share of China's EV market.  

When Its CEO, Elon Musk, was asked about Tesla's toughest competition, he said it comes from Chinese rivals. 

"They work the hardest and they work the smartest. And so we guess, there is probably some company out of China as the most likely to be second to Tesla" said Musk.  

As of the beginning of this year, China stopped providing subsidies to EV buyers. 

State-owned enterprises worked with local governments to build the world’s largest EV charging network...

Easing fears of batteries dying on long trips that keep some from buying an EV.   

The new EU policies will add another dimension to international EV competition.  

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