The European Commission plans to lift the EU’s ban on new combustion-engine cars by 2035, allowing some non-electric vehicles to be sold. Carmakers pushed for the change to compete with Tesla and Chinese electric vehicle makers. Germany’s Volkswagen praised the proposal, while critics like Climate Group’s Dominic Phinn called it a win for traditional over electric cars. The EU aims to cut CO2 emissions and offer incentives for automakers to transition to cleaner fuels. However, Ford’s $19.5 billion writedown and soft EV demand signal a global reset for the auto industry towards a more flexible compliance system.

Read more at Yahoo Finance: EU drops 2035 combustion engine ban as global EV shift faces reset