To continue providing news and award winning journalism, we rely on advertising revenue.
To continue reading, please turn off your ad blocker or whitelist us.
Increasingly capable electric cars and falling consumer trust in the wake of the Volkswagen emissions scandal will cause the global diesel car market to "almost disappear" within the next 10 years, UBS has predicted.
As part of a forecast on the future for diesel engines in cars, the financial services company says the rise in electric cars and tougher emissions regulations has created a "perfect storm" against diesel, once seen as the cleaner alternative to petrol.
UBS says the shift in consumer demands from diesel to electric and hybrid alternatives is "obvious and likely irreversible."
Addressing the VW scandal, which saw the discovery of a device in Volkswagen and Audi vehicles designed to cheat through emissions tests, UBS added: "In the aftermath of the Volkswagen diesel issue, politicians and regulators have become highly sensitive and increasingly populist about diesel emissions."