Europe's Auto Industry Faces €15 Billion Fine Over Slowed EV Demand, Warns Renault CEO

Renault CEO Luca de Meo has highlighted that Europe's auto industry could face €15 billion in fines due to reduced demand for electric vehicles. With tougher EU CO2 targets arriving in 2025, automakers must significantly reduce emissions, or face penalties that could heavily impact their production capabilities.

Renault CEO Luca de Meo has sounded the alarm about potential €15 billion fines for Europe's auto industry due to waning demand for electric vehicles (EVs).

Speaking on Saturday, de Meo noted that automakers are bracing for stricter EU CO2 emission targets by 2025, with allowable emissions from new vehicle sales set to drop significantly.

Should the current pace of EV adoption persist, it could result in fines or even force automakers to curtail production by millions of units. De Meo stressed the need for flexibility and more realistic deadlines to avert these harsh penalties.

(With inputs from agencies.)