EU carmakers risk ‘billions of euros’ in emissions fines, FT reports

EU carmakers say they risk billions of euros in fines because they will be unable to meet new carbon dioxide emissions standards when they come into force next year, The Financial Times’ Alice Hancock reports. European car industry body ACEA is calling for an “urgent review” of emissions rules to be applied in 2025 and a reconsideration of a ban on new internal combustion engine cars in 2035. The ACEA board, which includes the chief executives of Toyota (TM), Nissan (NSANY), and Renault (RNSDF), say they face the “daunting prospect of either multi-billion-euro fines… or unnecessary production cuts, job losses, and a weakened European supply and value chain.” Other European carmakers include Volkswagen (VWAGY), Stellantis (STLA), BMW (BMWYY), and Mercedez-Benz (MBGYY).