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FCA Will Avoid EU CO2 Fines in 2019-2020
Fiat Chrysler Automobiles NV says a regulatory credit arrangement with Tesla Inc. will enable it to sidestep carbon dioxide emission fines in Europe through 2020.
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Fiat Chrysler Automobiles NV says a regulatory credit arrangement with Tesla Inc. will enable it to sidestep carbon dioxide emission fines in Europe through 2020.
The deal, similar in function to carbon credits in the U.S., allows FCA to pool its emission results with those of Tesla’s, whose electric cars emit zero CO2. FCA says the cost of buying those credits was €120 million this year.
It isn’t clear whether FCA will be able to use the same method to avoid fines in 2021, when CO2 limits tighten. CEO Mike Manley tells analysts that FCA hopes to be fully compliant on its own by 2022, a goal that will require an upswing in the sale of electrified models.
The company says it will mitigate its exposure to fines with recently introduced 3- and 4-cylinder engines, an array of mild hybrid models and an all-electric iteration of its Fiat 500 minicars in 2020.
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