The boss of a major UK energy firm has issued a stark warning to Europe's automotive industry, stating it risks following video rental giant Blockbuster into obsolescence if it fails to fully commit to electric vehicles.
The 'Blockbuster' Warning for Europe's Auto Giants
Greg Jackson, founder and CEO of Octopus Energy, cautioned that lobbying by carmakers which led Brussels to dilute its plans for a transition to electric vehicles is a dangerous strategy. He drew a direct parallel with companies that failed to adapt to technological disruption.
"We saw what happened to Blockbuster," Jackson stated, emphasising that European manufacturers must compete with advanced Chinese electric vehicles, which have benefited from huge investment in research and modern manufacturing techniques.
The Dual Challenge: Chinese Competition and Energy Potential
Jackson highlighted a two-pronged threat. First, Chinese EV makers have surged ahead, creating sophisticated and affordable models. Second, he stressed that widespread EV adoption is about more than just transport; it is a cornerstone for a greener energy grid.
He explained that electric car batteries could be used to store renewable energy, power homes during peak times, and provide vital support to the national electricity network, turning millions of vehicles into a collective energy asset.
UK and EU Deadlines Loom Large
The warning comes against the backdrop of ambitious governmental targets. The UK government plans to outlaw the sale of new petrol and diesel cars from 2030, with a mandate for all new cars to be zero-emission from 2035.
Meanwhile, the European Union's revised plan aims for 90% of new cars sold to be zero-emission by 2035, a target that was softened following industry pressure. Jackson's comments suggest that such concessions may ultimately hinder rather than help the continent's carmakers in the global race.
The core message from the Octopus Energy chief is clear: hesitation and lobbying for weaker rules could leave Europe's automotive titans stranded as the world accelerates into an electric future.
