European automakers are raising the prices of petrol cars and readying discounts on electric vehicles as they brace for yet another challenge — tougher emissions rules that threaten to further shrink profits across the struggling industry.
The European Union will drastically lower its cap on automotive carbon dioxide emissions from Jan. 1, meaning at least one-fifth of all sales by most car companies must be EVs to avoid heavy fines.
But so far this year only 13% of all vehicles sold in the region have been electric, data from the European Automobile Manufacturers' Association (ACEA) lobby group shows.
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