A new legislation of zero CO2 emissions for new passenger cars and light commercial vehicles in 2035 was formally approved by the European Parliament, which means that the sales of gasoline- and diesel-powered cars will be banned in the EU from 2035.

China’s experts said that the new law will benefit China’s independent auto brands. The global new energy vehicle market was expected to continue to grow in the next five years. It was estimated that China’s exports of new energy vehicles will reach close to 800,000 in 2023.