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European Carmakers Could Face €14 Billion in CO2 Emission Fines
Dozens of European carmakers are headed for fines totaling as much as €14 billion ($16.2 billion) in 2021 for failing to meet the region’s carbon dioxide emission limits, warns IHS Markit Ltd.
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Dozens of European carmakers are headed for fines totaling as much as €14 billion ($16.2 billion) in 2021 for failing to meet the region’s carbon dioxide emission limits, warns IHS Markit Ltd.
EU rules in 2021 will require 100% compliance with a passenger car CO2 emission cap of 95 g/km under the discontinued New European Driving Cycle test. That level is about 115 g/km under the new WLTP (World Harmonized Light Vehicle Test Procedure) testing system now being phased in.
IHS Markit says 25 carmakers are on track to meet the 115-gram limit, but 27 others aren’t. The market research company estimates that fines for non-compliant vehicles will average €624 ($722) per car in 2020 and €814 ($941) in 2021.
The firm warns that nothing short of a “seismic shift” in consumer demand for plug-in hybrid and all-electric cars will enable the entire industry to avoid regulatory fines.
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