Ford, Volvo and 6 Car Manufacturers Agree to End Internal Combustion Engine Vehicle Production by 2040

Top 1 and 2 Companies Volkswagen and Toyota Refuse to Settle

[Photo by AP Yonhap News]

[Asia Economy Reporter Park Byung-hee] Six major automakers, including Ford, Volvo, and Mercedes-Benz, have agreed to gradually phase out the production of internal combustion engine vehicles by 2040, according to major foreign media reports on the 9th (local time).

This agreement was reached at the 26th United Nations Climate Change Conference of the Parties (COP26) currently underway in Glasgow, UK, and the UK government announced this in a statement on the same day. The UK government stated that these six automakers will sign a pledge on the 10th to cease production of internal combustion engine vehicles by 2040.

However, the world's first and second largest companies, Toyota and Volkswagen, as well as the fourth-ranked Stellantis, Honda, Nissan, BMW, and Hyundai did not participate in the agreement, raising questions about its effectiveness.

COP26 organizers tried to involve not only automakers but also major countries in the signing, but this did not go as planned. Major automobile markets such as the United States, China, and Germany decided not to participate in the agreement.

According to the UK government, only four countries, including New Zealand and Poland, have agreed to sign the pledge. The six companies that agreed to sign the pledge are Ford, General Motors (GM), Volvo, Mercedes-Benz, China's BYD, and Jaguar Land Rover.

The automakers who refused to sign reportedly stated that they could not hastily make such a decision involving enormous costs amid a lack of policy will from governments worldwide to expand electric vehicle and hydrogen vehicle charging stations and power grids.

This content was produced with the assistance of AI translation services.