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European Auto Industry Sends Letter Saying 2035 Car Emission Targets No Longer Feasible
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European car manufacturers and parts suppliers sent a letter to the EU saying that the EU's plan to reduce car CO2 emissions to zero by 2035 is no longer feasible, according to Reuters. Mercedes-Benz CEO Ola Kaellenius and Schaeffler CEO Matthias Zink said in the letter that, while their companies are committed to achieving net zero emissions by 2050, EU manufacturers faced near-total reliance on Asian battery supplies, uneven European charging infrastructure, high manufacturing costs and US tariffs. They believed that reducing emissions from new cars and minivans to 55% and 50% of 2021 levels by 2030, and achieving net zero emissions for these vehicles by 2035, are no longer feasible in the world nowadays. Legal mandates and fines would not drive the necessary transition. AASTOCKS Financial News Website: www.aastocks.com |
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