Volkswagen Faces Fine After Missing EU CO2 Emission Target for 2020
By Kim Richters
Volkswagen AG said Thursday that it has missed European Union
targets for CO2 emissions in 2020, and is facing a fine of at least
100 million euros ($121.2 million).
The German car maker said it cut average CO2 emissions for its
new passenger car fleet around 20% to 99.8 grams per kilometer in
2020 compared with 2019, according to preliminary figures. However,
the company missed its target by around 0.5 grams per
The company's brands VW and Audi achieved the CO2 fleet targets
for 2020, it said.
Volkswagen is now facing EU fines equal to a "very low
triple-digit million amount," a spokesman told The Wall Street
Journal. Fourth-quarter earnings won't be affected, however, as the
car maker had already set up provisions.
Volkswagen said it had grouped together with other companies
like SAIC Motor Europe in a pooling agreement to try and jointly
reach the CO2 targets.
Write to Kim Richters at email@example.com
(END) Dow Jones Newswires
January 21, 2021 10:14 ET (15:14 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.