Renault Group CEO Luca de Meo has warned that Europe’s car manufacturing industry could be fined up to €15 billion (£11.46bn) due to slowing demand for electric vehicles (EVs), which threatens the sector's ability to meet stricter EU carbon emissions targets.
“If electric vehicles remain at today’s level, the European industry may have to pay €15 billion in fines or give up the production of more than 2.5 million vehicles,” de Meo said during an interview on September 7.
Starting in 2025, the EU will reduce the cap on average CO2 emissions from new vehicle sales, lowering it from 116 grams per kilometre in 2024 to 94 grams per kilometre.
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Author:
Aimee Turner
Deputy editor
AM deputy editor Aimée Turner has been a specialist B2B editor and journalist covering the international transportation sector for more than 20 years.
She has specialised in the significant safety, regulatory, and environmental issues that impact advanced technology businesses in the pursuit of more efficient, safer and sustainable transportation modes.
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