Seeking carbon neutrality by 2050, the EU will fine manufacturers who don't hit reduced-CO2 targets – but manufacturers say this will affect EV sales. CGTN’s William Denselow reports.
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NewsTranscript
00:00While some models can achieve 0-60 in under 3 seconds, car sales across Europe have been
00:06far from turbocharged. The Brussels Auto Show is a chance to drive demand, with the electric
00:12vehicle market in need of a major jolt. 2024 was a record year for global EV sales, but
00:19the European market fell by 3% on the previous year. Those that follow the market point to
00:26Europe's largest economy. It could be a bumpy road to the European Union's ultimate destination
00:46of carbon neutrality by 2050. By the end of the year, vehicles must produce 15% less CO2
00:53compared to 2021 levels, or face fines. The European Automobile Manufacturers Association's
01:00new president has penned a letter to the EU, calling these regulations an unhelpful roadblock.
01:07Very few forecasts predicted the current geopolitical and macroeconomic realities. Yet the majority
01:15of European political goals and guidelines are based on forecasts that have not materialised.
01:22The group is calling for a less rigid path to decarbonisation, one that's market and
01:27not penalty driven. Automakers warn that these penalties could hurt both competitiveness
01:34and innovation. That could mean delays in getting new concept vehicles like flying cars
01:42off the ground. Cars and light vehicles account for roughly 16% of the EU's total CO2 emissions.
01:50Some analysts believe strict targets are necessary to fuel sector-wide change. These
01:56rules will push our car makers to catch up. They will push them to produce more mass market
02:02electric vehicle models, and this will help the industry to become more globally competitive.
02:09While environmental groups are urging the European Union not to veer off track, European
02:13car makers are warning they'll fall behind in the global race for market share if the
02:19current regulations stand.