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Carmakers Say Costs Are Rising to Meet Europe’s CO2 Goals
Carmakers will spend some €13 billion to meet Europe's 2021 carbon dioxide emission standards, up from €12 billion estimated a year ago, Automotive News Europe says.
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Carmakers will spend some €13 billion to meet Europe's 2021 carbon dioxide emission standards, up from €12 billion estimated a year ago, Automotive News Europe says. The magazine cites an analysis by London-based Evercore ISI Global Automotive Research.
The European Commission is targeting an overall CO2 emission average for passenger vehicles of 95 g/km in 2021. That compares with about 130 g/km today. Each carmaker has its own target, based on product weight and sales mix.
Evercore ISI figures European carmakers will shoulder €8.5 billion of the total cost. The firm estimates the cost of compliance will boost average car prices in the region by more than €1,000.
Environmental groups concede costs will be high to meet the EC goal. But they insist there is no evidence that the price of doing so is rising. ANE says such groups point to an EC impact assessment that concludes in part that carmakers could meet the 95 g/km target without adopting all-electric models.
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