icon bookmark-bicon bookmarkicon cameraicon checkicon chevron downicon chevron lefticon chevron righticon chevron upicon closeicon v-compressicon downloadicon editicon v-expandicon fbicon fileicon filtericon flag ruicon full chevron downicon full chevron lefticon full chevron righticon full chevron upicon gpicon insicon mailicon moveicon-musicicon mutedicon nomutedicon okicon v-pauseicon v-playicon searchicon shareicon sign inicon sign upicon stepbackicon stepforicon swipe downicon tagicon tagsicon tgicon trashicon twicon vkicon yticon wticon fm
6 Dec, 2021 15:33

Shift to EVs could cost half a million European jobs

Shift to EVs could cost half a million European jobs

A new study by the European Association of Automotive Suppliers (CLEPA) has found that half a million jobs could be lost in the EU by 2040 with the ban on combustion-engine cars and transition to electric vehicles.

The survey, which was conducted by PwC, showed that more than two-thirds of those jobs could disappear in the period of 2030-2035, making it difficult to mitigate the “social and economic impacts” caused by mass unemployment.

The report, however, also said that 226,000 new jobs would be created in the manufacturing of electric parts, reducing the net number of job losses to approximately 275,000 over the next couple of decades.

According to data by the industry trade group, the automotive manufacturing sector is responsible for more than 5% of the overall manufacturing employment in 13 EU Member States, with more than 60% of those workers employed by automotive suppliers.

“Society’s needs are far too diverse for a one-fits-all approach,” said CLEPA’s Secretary General, Sigrid de Vries. He added that “the use of hybrid technologies, green hydrogen and renewable sustainable fuels will enable innovation as we redefine mobility in the coming decades.”

CLEPA’s report comes as earlier this year the European Commission announced plans to eliminate 100% of CO2 emissions from new cars by 2035. The policy effectively bans the sale of fossil-fuel-powered vehicles after that date.

For more stories on economy & finance visit RT's business section