The world’s largest carmaker Volkswagen faces a penalty of more than 100 million euros ($121 million) for missing EU targets on carbon dioxide (CO2) emissions from its 2020 passenger car fleet.
Actual emission
On average, Volkswagen cut CO2 emissions by around 20% to 99.8 g/km in the European Union , but that was around 0.5 g/km above its target, Volkswagen said.
But it confirmed it had “narrowly” missed EU targets.
Which results in fine by European Union, amounting to a very low triple-digit million amount.
Comment from CEO
Herbert Diess, “We narrowly missed the fleet target for 2020, thwarted by the COVID-19 pandemic.”
“We hoped to meet the target this year as the company’s main brands bring out new electric models.”
“The Volkswagen and Audi brands in particular have made a major contribution to achieving this with their e-offensive.”
Impact on Stock Market
Volkswagen shares were trading up by 0.3% in Germany after the release of news.
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