The EU wants to ease environmental requirements for car manufacturers. European Commission President Ursula von der Leyen said carmakers would be given three years to meet CO₂ emissions targets, originally set for 2024. About this informs Bloomberg.
An amendment that would give the auto sector flexibility to meet the 2025 environmental regulations will be proposed later this month, she said. In effect, this means that automakers may miss the target this year if they exceed it in the next two.
Following von der Leyen’s statement, shares of leading European automakers including Volkswagen AG, Mercedes-Benz Group AG and Renault SA rose, lifting the Stoxx 600 Automobiles&Parts Index by nearly 3% in intraday trading.
It will be recalled that European car companies demanded to change the goals for 2025 due to a decline in sales of electric cars in 2023, which made it difficult to achieve environmental standards and could lead to multibillion-dollar fines.
