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 me

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.”


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