VW To Be Fined 1.5 Billion Euros Over Exceeding CO2 Emissions

Volkswagen could face huge fines from the European Union for exceeding its CO2 emissions. Speaking to analysts, VW’s head of investor relations, Rolf Wohler, spoke about possible penalties for exceeding EU emissions targets.

The company estimates that if they fail to achieve these goals, they will receive a bill of 1.5 billion euros!

This is quite certain because it is increasingly likely that VW will not be able to meet the EU target, which is only possible with much better sales of electric vehicles. Volkswagen did not launch a single new electric vehicle last year. It will not offer such a new car this year.

We’ll have to wait until 2026 for the new ID.2 to appear, so Volkswagen needs to achieve the best possible sales with its current offering.

Bloomberg reports that Waller also spoke about the decline in VW’s profits, which are further eroded by the fact that VW, due to emissions reductions, has to sell more electric vehicles instead of more profitable models with internal combustion engines.

Meanwhile, demand for electric vehicles across Europe is declining. Last year, sales in Europe (European Union + EFTA and the United Kingdom) fell by 3 percent. This is the first decline in electric vehicle sales after years of sharp growth.

Sales fell sharply in key regions like Germany and Italy after subsidies were eliminated or reduced.

• Also See: Volkswagen Strikes Deal To Cut 35,000 Jobs In Germany By 2030