Renault warns of fines as electric car sales decline in Europe
- Renault Group CEO Luca de Meo warned that European automakers could face 15 billion euros in fines due to declining electric vehicle sales.
- Electric vehicles currently represent only 12.5% of the European car market, with a 10.8% drop in sales over the past year.
- De Meo emphasized the need for flexibility in regulations to avoid significant production cuts and financial penalties.
European automakers are facing significant financial risks due to a decline in electric vehicle sales, which could lead to fines totaling 15 billion euros if they fail to meet EU emission standards. Renault Group CEO Luca de Meo highlighted the urgency of the situation during a recent interview, emphasizing the need for flexibility as the industry prepares for future production. Currently, electric vehicles account for only 12.5% of the European car market, reflecting a concerning 10.8% decrease in sales over the past year. This downturn poses a serious threat to manufacturers, who may have to halt the production of over 2.5 million units if the trend continues. De Meo's comments underscore the critical nature of the transition to electric vehicles and the potential repercussions for the automotive sector in Europe. As the industry grapples with these challenges, the call for regulatory leniency becomes increasingly important to ensure compliance without jeopardizing production capabilities.