Vedanta to exclude base metals business from sweeping demerger
The group said it will consider the base metals business demerger at a later stage.
The UK government has announced that it will delay the planned ban on the sale of new gas and diesel cars and vans by five years, from 2030 to 2035.
The decision comes after pressure from the automotive industry, which argued that the original deadline was too ambitious and unrealistic, given the current state of the electric vehicle (EV) market and the lack of adequate charging infrastructure.
Prime minister Rishi Sunak acknowledged that upfront cost for EVs is still high for most people, adding that “it should be you the consumer that makes that choice, not government forcing you to do it.”
Sunak said that the government remains committed to achieving net zero emissions by 2050, but that it will review the feasibility and impact of the ban every two years.
The Prime Minister did not clarify whether hybrid vehicles will still be able to be sold from 2035 for a further five years
The move has been welcomed by some car manufacturers and motoring groups, but criticized by environmental campaigners and opposition parties. They accused the government of backtracking on its climate pledges and undermining the UK’s leadership role in the upcoming COP26 summit in Glasgow.
“I’m proud that we’ve already attracted billions of new investments from companies like Tata’s Jaguar Land Rover gigafactory, and I expect that by 2030, the vast majority of cars sold will be electric,” Sunak said. “People are already choosing electric vehicles to such an extent that we’re registering a new one every 60 seconds”.
Sunak’s announcement drew immediate criticism from automakers, many of which have already aligned their key investments with the 2030 goal in mind.
Kia, which has plans to launch nine electric models in Britain over the next few years, said the change altered “complex supply chain negotiations and product planning.”
Ford, which has announced a global $50 billion commitment to electrification, said the industry needed the policy focusing on “boosting the EV market in the short term and supporting consumers while headwinds are strong”.
Volkswagen called for “a clear and reliable regulatory framework that creates market certainty”.
Toyota, instead, welcome the announcement, saying it recognized “that all low emission and affordable technologies can have a role to play in a pragmatic vehicle transition.”
The delay of five years brings the UK in line with the European Union’s plans to ban the sale of internal combustion engines (ICE) vehicles.
With files from Bloomberg and Reuters
