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Illustration: Eniola Odetunde/Axios
A group of Europe's largest commercial truck manufacturers are about to announce plans to end sales of fossil-fuel-powered models by 2040, the Financial Times reports.
Driving the news: "An alliance of Daimler, Scania, Man, Volvo, Daf, Iveco and Ford have signed a pledge to phase out traditional combustion engines and focus on hydrogen, battery technology and clean fuels," according to the FT. Scania's chief executive, Henrik Henriksson, tells the FT that the industry may pour well over $100 billion into the effort.
The big picture: The looming announcement comes as a number of manufacturers are developing and rolling out new battery-electric and hydrogen fuel-cell models.
- European emissions standards are one thing driving the efforts.
- But falling tech costs, corporate sustainability pledges and policies elsewhere — such as planned rules in California — are also part of the picture.