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Europe’s Green Suicide: EU Climate Targets To Cost Carmakers $8.3 Billion

car plantEurope’s largest carmakers face a €7.4bn hit to profits from the costs of meeting the EU’s CO2 regulations, UBS warned on Wednesday, as it cautioned the implications of the bloc’s emissions rules were being underestimated.

In order to meet European targets of 95 grams CO2 per kilometer by 2021, carmakers will have to reduce emissions by around a fifth in just two years, the report said.

“All European carmakers are still well above where they need to be in 2021,” wrote analyst Patrick Hummel.

Complying with regulations will knock earnings before interest by around €7.4bn across the industry, with Peugeot expected to take the biggest hit, at around 25 percent of earnings per share, because of its high EU focus, followed by Fiat Chrysler at 20 percent and Volkswagen at 13 percent.

h/t GWPF

Read more at Financial Times

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