All eyes on China: News broke over the weekend that Chinese officials are crafting a plan to eventually end sales of gasoline and diesel-powered cars.
The Associated Press, citing Chinese state media, reported yesterday: "The reports gave no possible target date, but Beijing is stepping up pressure on automakers to accelerate development of electrics."
Why it matters: China is the world's largest auto market. And the announcement, while vague, follows moves in a number of countries to create a horizon for the phase out of fossil-fuel vehicles. Most recently, the U.K. and France both announced over the summer that they would phase out sales in 2040.
- What to watch: How the spate of announcements will affect the next round of long-term global forecasts for EV penetration by major energy companies and analysts — and what impact that has on global crude demand. Recent projections have already been showing increased estimates for EV growth, but EVs remain a tiny portion of the global market.
Immediate impact: Reuters reports from Shanghai that Chinese companies in the EV space — including the Warren Buffet-backed BYD Co Ltd. — saw their shares surge in trading Monday on the heels of the news about an eventual phaseout of internal combustion cars.
A couple of other notes on electrics...
Uber: In case you missed it, the company pledged Friday that by the end of 2019, every car available via UberX in London will be hybrid or fully electric.
- "We're starting in the capital but aim to meet the same standard — 100% hybrid or fully electric cars on uberX with no diesels on the app — across the U.K. by the end of 2022," the company said.
- Fortune has more on the pledge here.
Tesla: The company remotely extended the battery range of vehicles for free to help owners in Florida with their hurricane evacuations. "The update temporarily unlocked the full battery potential for 75-kilowatt-hour Model S sedans and Model X SUVs, adding another 30 to 40 miles to their range," MarketWatch reports.