European EV Sales Forecasts Cut, While Germans Seek CO2 Relief [Forbes]
RENAULT SA UNSP/ADR (RNLSY)
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Source: Forbes
Forecasters are busily slashing their long-range forecasts for electric vehicle sales in Europe, raising questions about the achievability of government targets. At the Paris Car Show this week, BMW raised the temperature as the German industry sought relief from the EU's CO2 emission rules, saying they posed an existential threat to the European industry. European EV sales are currently plateauing at around 2 million a year and need to jump by around five times to reach European Union and British government quotas for 2030. Demand has slowed as the early adopter market filled and the corporate market slowed. The EU and U.K. have decreed that EV sales shall reach about 80% of all new sedan and SUV sales by 2030, and 100% by 2035. These targets are not just tokens. There are big penalties for manufacturers that fail to reach them. In the U.K., there is a fine of £15,000 ($19,000) for every ICE vehicle sold above the target. Nobody doubts EV sales will resume strong growth, but
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