Volkswagen to stop sale of combustion engines in EU by 2035

Short Url
Updated 28 June 2021
Follow

Volkswagen to stop sale of combustion engines in EU by 2035

  • The EU will unveil tougher 2030 CO2 emissions targets and regulatory proposals on July 14

BERLIN: Volkswagen said on Sunday it plans to stop producing cars with internal combustion engines in Europe for its eponymous flagship brand between 2033 and 2035, as the German auto giant accelerates its drive toward electric vehicles.

Carmakers around the world have started setting timetables to phase out combustion engines in the face of increasingly strict antipollution standards put in place to fight climate change, with Volkswagen’s electric push also following lingering reputational harm from the “dieselgate” scandal. Klaus Zellmer, board member for sales and marketing at Volkswagen’s passenger cars brand, told the Bavarian newspaper Muenchner Merkur that “we will make our entire fleet CO2 neutral by 2050 at the latest.”

“In Europe, we will leave the combustion engine vehicle market between 2033 and 2035,” he said in an interview published online Sunday.

He added that the change will take place “a little later in the US and China. In South America and Africa, due to the lack of political framework conditions and infrastructure, it will take a little longer.” Volkswagen’s flagship brand had already said in March it was aiming for electric vehicles to account for 70 percent of its European sales by 2030.

Zellmer said: “As a mass market manufacturer, VW has to adapt to different speeds of transformation in different regions.”

Audi, a subsidiary of Volkswagen, announced last week it would launch only fully electric vehicles from 2026 and halt manufacturing cars with internal combustion engines by 2033.

Sweden’s Volvo has said it plans to sell only electric models from 2030.

The EU will unveil tougher 2030 CO2 emissions targets and regulatory proposals on July 14, which are expected to force carmakers to speed up the transition to electric cars.


Closing Bell: Saudi main index closes in red at 10,847

Updated 25 February 2026
Follow

Closing Bell: Saudi main index closes in red at 10,847

RIYADH: Saudi Arabia’s Tadawul All Share Index dipped on Wednesday, losing 58.51 points, or 0.54 percent, to close at 10,847.93.

The total trading turnover of the benchmark index was SR3.78 billion ($1 billion), as 73 of the listed stocks advanced, while 187 retreated.

The MSCI Tadawul Index decreased, down 7.09 points or 0.48 percent, to close at 1,472.98.

The Kingdom’s parallel market Nomu lost 178.75 points, or 0.77 percent, to close at 22,916.83. This comes as 30 of the listed stocks advanced, while 37 retreated.

The best-performing stock was the Power and Water Utility Co. for Jubail and Yanbu, with its share price surging by 8.47 percent to SR31.24.

Other top performers included Saudi Paper Manufacturing Co., which saw its share price rise by 6.13 percent to SR53.70, and Jamjoom Pharmaceuticals Factory Co., which saw a 4.58 percent increase to SR137.

On the downside, the worst performer of the day was CHUBB Arabia Cooperative Insurance Co., whose share price fell by 5.14 percent to SR17.53.

Saudi Kayan Petrochemical Co. and Arabian Internet and Communications Services Co. also saw declines, with their shares dropping by 4.87 percent and 4.43 percent to SR4.88 and SR181.40, respectively.

On the announcement front, Saudi Kayan Petrochemical Co. announced its annual financial results for 2025, with sales dropping 3.06 percent year-on-year to SR8.45 billion. The company also recorded a net loss of SR893.86 million.

In a Tadawul statement, the company said the net loss and decline in annual sales were driven by a drop in average selling prices, despite higher sales volumes.