Rolling coverage of the latest economic and financial news, as European Union car sales slump 23.7% last year

8.50am GMT

The drop in European car sales last year will go a little way towards fighting the climate emergency….

and so will a new technological breakthrough – a fast-charging battery that could help the electric car industry replace petrol and diesel cars.

Batteries capable of fully charging in five minutes have been produced in a factory for the first time, marking a significant step towards electric cars becoming as fast to charge as filling up petrol or diesel vehicles.

Electric vehicles are a vital part of action to tackle the climate crisis but running out of charge during a journey is a worry for drivers. The new lithium-ion batteries were developed by the Israeli company StoreDot and manufactured by Eve Energy in China on standard production lines.

Electric car batteries with five-minute charging times produced

– first factory production means recharging could soon be as fast as filling up petrol or diesel vehicles

Story by mehttps://t.co/PNEaJqS2P7

8.23am GMT

VW Group (which includes Volkswagen, Skoda, and Audi) sold the most cars across the EU last year, with sales down 21.6 % at 2.54 million.

PSA Group (including Peugeot, Citreon and Opel/Vauxhall) saw its sales slump 29% to 1.5m, followed by Renault Group (Renault, Dacia, Lada) with 1.1m cars sales (down 25%).

Passenger #car registrations: 2️⃣4️⃣% in 2020; -3.3% in December.

“2020 saw the biggest yearly drop in EU car demand since records began, with new-car registrations falling by 3 million units compared to 2019.”

PRESS RELEASE: https://t.co/7fjYQwpPmW pic.twitter.com/vtk6hlA4Wq

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