New York to ban sales of new petrol, diesel vehicles post 2035. Here's why

In a major step towards electrification and clean mobility solutions, New York Governor Kathy Hochul signed a legislation recently that paves the way for a ban on sales of petrol and diesel vehicles in the US state after 2035. New York follows California in defining a clear roadmap for the end of sales for cars powered by conventional engines and running on fossil fuels. The move is likely to be a major shot in the arm for makers of electric vehicles.

New York recognizes battery-electric vehicles, plug-in hybrid-electric vehicles and hydrogen fuel-cell electric vehicles as zero-emission vehicles. And there is a clear focus on promoting such products among private as well as fleet buyers. The legislation - while including off-road vehicles as well - has been brought in aimed also at having medium and heavy-duty vehicles to have zero emissions by 2045. The ultimate target though is to reach a goal of 100% emission-free light vehicles by 2035 and 100% emission-free medium and heavy-duty vehicles by 2045.

It may be a little ambitious but banning sales of petrol and diesel vehicles post 2035 may be very possible and with the strides taken by EVs in the US and around the world, prospective buyers are likely to have options aplenty.

It may well be another reason to raise a toast for some key players like Tesla, Lucid Motors, Rivian, Volksgwan and GM who have either led the EV space or are fast adopting battery power as not just a way to survive but a way to flourish. Data from the country's National Automobile Dealership Association reveals that New York state has 6% of all light-duty vehicle sales. In New York City, in particular, it is estimated that 400,000 car owners need to adopt EVs by 2030 if the city has to meet its climate goals.

(With inputs from CNBC)