Investment in low emission cars is a key priority for the motoring industry over the next five years, a group of top executives have said.
Development of hybrid cars, electric vehicles and hydrogen fuel-cell technology is vital for growing the automotive industry, said 93% of 200 auto executives in a survey carried out by consultants KPMG.
It found that over seven in ten carmakers would even go into joint ventures to fund the costs to develop the technology.
Hybrid and electric vehicles are believed to be the top technologies that will succeed over the coming five years, the majority of experts said.
KPMG’s Automotive Partner Mike Steventon said: “One factor is common worldwide: the need to continue to develop the technology that will produce efficient, affordable electric vehicles.
“Even though the industry is still in recovery mode, the pace of technical leadership intensifies. With the rise of oil costs and fears over future supplies, it’s no real surprise that fuel-efficiency is considered the single biggest factor for consumers when buying a vehicle.”