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 kilometer.

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 kim.richters@wsj.com

 

(END) Dow Jones Newswires

January 21, 2021 10:14 ET (15:14 GMT)

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