The European Parliament is expected to approve a softening of vehicle CO2 emissions targets that will give automakers three years to meet mandates and avoid punishing fines.
Reuters reports that this proposal, which is being fast-tracked for Parliamentary approval, has been put forward by the economic bloc’s trading body, the European Commission, following huge pressure from Europe’s automakers saying the current annual mandated fines could force many out of business.
Its plan suggests that by delaying the imposition of zero-tailpipe-emission-vehicle targets, the industry has a chance to restructure its production strategies in a bid to persuade more consumers to make the switch to battery-electric vehicles.
It is also likely that the European Union will be giving more support to its domestic automakers facing stiff competition from China’s automakers able to sell BEVs at a lower price to consumers despite facing import tariffs imposed last year on products deemed unfairly subsidized by the Chinese state.
European car manufacturers warn existing targets for volumes of BEVs that must be sold cannot be met this year and would result in fines of up to €15 billion ($17 billion), handing industrial advantage to BEV makers from China and the U.S.