JUNEASIA BUSINESS OUTLOOK9NEWSROOMINDIA'S ENERGY CONSUMPTION TO DOUBLE BY 2050Volvo Cars has begun shifting the production of Chinese-made electric vehicles (EVs) to Belgium, anticipating a European Union crackdown on Beijing-subsidised imports, as reported by The Times on Saturday. Volvo, which is majority-owned by China's Geely, had considered halting sales of Chinese-built EVs destined for Europe if new tariffs were introduced. However, the relocation of production for Volvo's EX30 and EX90 models to Belgium is expected to negate this need, with the company asserting that suspending sales of China-made EVs is no longer being considered.The manufacturing shift might also include certain Volvo models bound for the United Kingdom, according to The Times. Volvo did not immediately respond to a request for comment from Reuters.Last year, the European Commission, which manages trade policy for the 27-nation EU, launched an investigation into whether fully electric cars made in China were receiving unfair subsidies, potentially warranting additional tariffs. This anti-subsidy investigation, which officially started on October 4, can last up to 13 months, with the Commission able to impose provisional anti-subsidy duties nine months after the investigation begins. India's energy consumption is poised to nearly double by 2050, reflecting one of the fastest growth rates globally, according to Igor Sechin, CEO of Rosneft, a leading Russian oil producer. Speaking at the 27th St. Petersburg International Economic Forum (SPIEF), Sechin highlighted India's burgeoning economy and its significant implications for global energy demand. He predicted that the Indian economy, with its robust growth trajectory, would surpass that of the US by 2050.Sechin's remarks, detailed in a statement from Rosneft, underscored India's anticipated economic ascent. He projected that within the next five years, India will maintain its strong economic momentum, positioning itself among the top three largest economies worldwide with a GDP of $5 trillion. By 2050, India is expected to overtake the US in terms of economic size, driven by substantial increases in energy consumption.The statement further noted Sechin's prediction that India's end-use energy consumption will grow by 90percent by 2050, underscoring the country's rapid expansion in energy needs. He emphasized that developing countries will be the primary drivers of oil consumption in the coming decades. By 2030, these nations are expected to account for 95percent of global demand growth, with the highest increases projected in Asian countries, which are key trading partners for Russia. VOLVO COMMENCES SHIFTING PRODUCTION FROM CHINA TO BELGIUM TO COUNTER EU TARIFFS
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