By CNBC Staff WriterNovember 16, 2018, 4:16:09A year ago, there was a time when it was possible to buy a cheap car with the cash you’d be earning in the U.S. But as the auto industry has struggled, and the number of people relying on gas-powered cars has more than doubled, many Americans are going to be buying less and less fuel-efficient cars.
The U.N. body’s latest report, released Thursday, says U.K. carmakers are on track to have a net loss of $2.2 billion by the end of 2020, as the industry struggles to meet emission standards and as demand for gas-engine cars has fallen.
The report estimates that global carmakers have sold just 3.6 million of their vehicles in 2020, down from 7.3 million a year earlier.
In the U: Nissan, which had sold more than 30 million of its cars in 2020; Ford, which has been selling fewer than 10 million; and Toyota, which is on track for just over 10 million.
The U.P.C.A. said that in 2020 its cars will have sold around a quarter of a million, down 2 percent from the year before.
But the report cautions that even if carmakers do manage to reduce demand for their fuel-burning vehicles, the impact on the environment and the economy will be significant.
“As demand for fuel-economy vehicles continues to decline, it is essential that we consider how our policies and practices will affect the environment, including the role that carbon emissions play in climate change,” the report says.
It also cautions against investing in new technologies to meet the country’s climate change targets, as it is “not possible to predict the full impact of climate change on our climate-resilience.”
But in a statement to CNBC, the U-K.
government said it believes “it is critical that we move to a lower-emission vehicle and electric vehicle future, as well as take a broader look at the economics of fuel economy.”
The U-P.B.C., which runs the U.-K.
National Grid, said it wants to “enhance the efficiency of our transport system, including electrifying all the countrys roads and rail networks.”