Platts reports that the EU, the US and Japan have reached an agreement on common electric car standards in an effort to lower regulatory barriers and enable the speedy introduction of electric vehicles into the global market.

The EU, US and Japan signed an agreement Thursday to cooperate on a regulatory framework for electric vehicles, the European Commission said. The three trading blocs agreed at a meeting in Geneva to “closely cooperate on the convergence of regulatory obligations related to electric vehicles in the global context,” the EC said.

It said the deal should bring cost savings through economies of scale and help manufacturers produce electric vehicles in greater volumes — they are currently produced in relatively small volumes.

Since regulatory frameworks in each region for electric cars are still in their infancy, the parties are hoping that the agreement will allow for standardization to lower costs for manufacturers and reduce time to market constraints.

The EU sees a push for electric vehicles powered by electricity from renewable sources as key to meeting its mandatory goal of sourcing 10% of energy used in transport from renewables by 2020. Without electric vehicles, the transport target would have to be met solely by biofuels.

 

 

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