On Monday, leaders from more than 150 European electric vehicle companies, among which are Volvo Cars and Polestar, put their signatures on a joint letter. This letter urges the EU to remain steadfast in its pledge to entirely prohibit the sale of fuel-powered vehicles by 2035. The letter cautions that any postponement of this policy could lead to a stagnation in the European electric vehicle market. Such a delay would provide global competitors with an opportunity to take the lead, and it would also significantly erode investor confidence.