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FCA, VW Face $2.9 Billion Fine Over EU Emission Rules
Fiat Chrysler Automobiles and Volkswagen Group will face combined fines of €2.6 billion ($2.9 billion) for failing to meet 2021 emission limits in Europe, AlixPartners LLC predicts.
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Fiat Chrysler Automobiles and Volkswagen Group will face combined fines of €2.6 billion ($2.9 billion) for failing to meet 2021 emission limits in Europe, predicts AlixPartners LLC.
The Michigan-based consulting firm projects FCA and VW will be exposed to penalties of €746 million ($847 million) and €1.8 billion ($2.1 billion), respectively.
European Union standards require carmakers to cut carbon dioxide emissions to 95 grams per kilometer by 2021 compared with 130 g/km allowed today.
AlixPartners notes that VW hopes to avoid the penalties by sharply increasing its sales of electrified vehicles. FCA aims to skirt €2 billion ($2.2 billion) in fines over the next two years by paying electric car company Tesla Inc. a fee for the right to pool their emission levels.
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