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According to media reports, automakers, countries and even cities were asked to phase out fossil fuel-powered vehicles by 2040 at the COP26 climate change conference in Glasgow, Scotland. However, only six carmakers have signed the agreement.

According to the statement, Volvo, Ford, GM, Mercedes-Benz, BYD and Jaguar Land Rover will sign the commitment at the climate conference in Glasgow, while automakers such as BMW, Honda, Hyundai, Nissan, Stellantis, Toyota and Volkswagen will not agree to sign the commitment.

It is understood that some other manufacturers in the field of electric vehicles will also commit themselves to achieving zero emissions for all new cars and trucks worldwide by 2040 and zero emissions in major markets by 2035. In addition, the signatories also include many governments around the world. The signatories are committed to achieving zero carbon emissions from new cars and trucks worldwide by 2040 and zero carbon emissions in major markets by 2035. On a country-by-country basis, countries in the auto industry such as China, Germany and the United States have not signed commitments, while India, Poland and New Zealand have agreed to the plan, while cities such as Sao Paulo in Brazil and Seoul in South Korea have also signed agreements. The European Union said that it has started the fuel vehicle emission reduction plan ahead of schedule, and the total emissions of all registered new vehicles will be reduced by 55% by 2030 compared with 2021, and the sale of fuel vehicles in the EU will be banned from 2035.

In the market environment of rapidly rising sales of new energy vehicles, many car companies are actively transforming to electrification. Ford has said it will invest 230 million pounds to restructure an engine plant in northern England to produce power units for electric vehicles, and that it will fully electrify its models by 2025.

From the point of view of the car companies that signed the agreement, most of them are carmakers that made a clear transition to new energy in the early stages, especially BYD, which is the only Chinese car company that signed it. Of course, BYD signed the agreement mainly because of its considerable achievements in the new energy market. As we all know, BYD's sales have risen sharply in recent months. The latest figures show that BYD sold 88898 passenger cars in October, of which 80003 were new energy passenger cars, including Qin PLUS DM-i, Han EV, Song DM and Qin PLUS EV, which all sell well in the new energy market, and the share of fuel vehicles is shrinking. Maybe it's only a matter of time before BYD stops producing fuel cars.

Other car companies, such as Mercedes-Benz, Volvo and Jaguar Land Rover, have made clear their plans to transform into new energy sources. In February this year, Jaguar Land Rover, owned by India's Tata Group, released a global development strategy, with Jaguar taking the lead in starting the electrification process, which is expected to be electrified into an electric car brand in 2025, which also means that the fuel models of the Jaguar brand will be phased out and replaced by electric vehicles, while the Land Rover brand will launch more than six pure electric models in the next five years, covering SUV and cars. Compete with other car brands for the new energy vehicle market.

In March this year, Volvo said that when it is fully electrified in 2025, pure electric models will account for 50% of the total, and the rest will be hybrid models. In 2030, Volvo will become an all-electric luxury car company, when it will sell only pure electric vehicles. All cars with internal combustion engines, including hybrid cars, will be phased out globally. In 2040, we strive to become a climate zero-load benchmark enterprise, and all pure electric models will be sold online only.

In July, Mercedes-Benz said it would shift from "electric first" to "all-electric" and be fully prepared for all-electric by 2030. It also said that in order to promote corporate transformation, it will invest more than 40 billion euros in pure electric vehicles between 2022 and 2030. At present, Mercedes-Benz is very "aggressive" in electrification. It has released three pure electric models, including EQS, EQA and EQB, this year. At present, some models have been pre-sold in China.

In addition to the above car companies, there are Volkswagen, BMW, General Motors and other car companies that are transforming to electrification. Volkswagen has also announced plans to electrify all models and stop the sale of traditional fuel cars by 2030. BMW said that from 2022, all cars will have pure electric options, the share of new energy vehicle sales will be increased to 25%, and 25 new energy models will be launched by 2025. However, Volkswagen did not sign the agreement.

With the rapid growth of new energy vehicles, the competition among car companies is becoming more and more fierce, which brings a lot of pressure to traditional car companies. According to data from the Federation of passengers, sales in the domestic narrow-sense passenger car market in October were 1.714 million, down 14.0% from a year earlier and up 8.4% from a month earlier, of which 317000 new energy narrow-sense passenger cars were sold, up 138.1% from a year earlier and down 5.0% from a month earlier. From the sales data, new energy vehicles showed rapid growth, sales skyrocketed. The China Automobile Association predicts that electrification, intelligence, networking and digitization will accelerate the transformation and upgrading of the automobile industry, and the new energy vehicle market will also change from policy-driven to market-driven.

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