Going electric: Carmakers make the switch

Leading automakers have signalled their intention to scrap internal combustion engines NSE 1.29 % by 2030 or cut back sharply on their production as the sector turns towards electric vehicles.

The latest to unveil plans was German group Daimler, maker of Mercedes Benz and smart cars, which aims to be fully electric before 2030 — five years ahead of a deadline proposed by the European Commission.