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Diesel Sales Expected Fall to 30% of European Market by 2020
The proportion of new cars powered by diesels in Europe is likely to shrink from 50% today to about 30% in three years, according to analysts at JPMorgan Chase & Co.
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The proportion of new cars powered by diesels in Europe is likely to shrink from 50% today to about 30% in three years, according to analysts at JPMorgan Chase & Co.
Demand for diesels in the region has been dropping for years because of the increasing cost to make the engines meet lower emission limits. The decline has accelerated since September 2015 when Volkswagen AG admitted rigging 11 million diesels to cheat emission tests.
Bloomberg News notes that European carmakers have moved from diesels to even more costly hybrid and electric powertrains as a means to meet future EU emission limits. The JPMorgan analysis estimates the shift will cut average earnings by 5% among German carmakers.
Elzbieta Bienkowska, the European Union’s industry commissioner, predicts diesels will eventually disappear entirely—assuming the EU follows through with legislation that would tighten diesel test procedures and give the EU more power to monitor emission levels.
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