AutoBeta(AutoBeta.net)06/26 Report--

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Volkswagen and FCA could face fines of up to 1.83 billion euros ($2.08 billion) and 746 million euros respectively if they fail to meet the EU's 2021 carbon emissions targets, according to foreign media reports.

The European Union requires automakers to meet the European target of emitting an average of 95 grams of carbon dioxide per kilometer of passenger vehicles by 2021. At present, major automakers are trying to reduce carbon dioxide emissions by increasing sales of electric and hybrid vehicles.

Volkswagen is currently the carmaker with the largest market share in Europe, so it is likely to face the highest fines. Volkswagen said it plans to comply with European carbon regulations. Fiat Chrysler will take the lowest-cost way to comply, which may include paying fines.

Us consultants predict that global car sales will stagnate or decline over the next three years, hitting profit margins for suppliers and carmakers, especially those that balance sales of electric and internal combustion engines. Designing and building cars with internal combustion engines and pure electric vehicles costs $2.3 billion a year on each platform, according to the study.

Volvo and Toyota are the only two big carmakers that go unpunished and can sell the remaining carbon credits to other carmakers.

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