Euro carmakers want to pump brakes on EV mandates [Yahoo! Finance]
RENAULT SA UNSP/ADR (RNLSY)
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Source: Yahoo! Finance
BMW's CEO Oliver Zipse warned that EU efforts to virtually eliminate the production of internal combustion engines (ICE) and diesel-powered vehicles over the next ten years would have negative effects expanding beyond the European auto industry. The first regulations to phase out ICE are due to take effect next year, followed by slowly reducing the levels of permitted emissions until they reach basically zero in 2035. Emissions controls for trucks and lorries are given longer timelines, with the EU setting a 90% reduction figure by 2040. Over 70% of a barrel of oil is used to produce gasoline, diesel, and other fuels. Zipse cautioned against any EU measures that would allow China to increase its supplier power to further dominate the battery supply chain while questioning the wisdom of abandoning decades of global technological and market competitiveness across the continent that has designed and produced some of the world's most iconic automobiles. BMW is not alone. Volksw
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