In an effort to increase sales and avoid fines of 15 billion euros ($15.7 billion) that might be imposed on them if they don’t fulfill new quotas set by the European Union, European manufacturers of electric vehicles, or EVs, are making offers. With the European Automobile Manufacturers‘ Association claiming that companies are only currently managing about 13 percent of cars sold, and the bloc demanding that by January 1, 2025, at least 20 percent of cars sold by Europe’s automakers be electric, manufacturers are doing everything in their power to encourage more people to drive EVs.
Carmakers like Volkswagen, Stellantis, which manufactures Peugeot, and Renault have increased the price of gasoline-powered vehicles in addition to lowering the price of select EV models. This is partially done to support EV discounts, according to the Reuters news agency.
According to reports, businesses are also combining their emissions totals so that the more successful ones can partially make up for the harm caused by the less successful ones.
In an effort to attract budget-conscious consumers, they also want to introduce new, reasonably priced EV cars the following year.
The director of the French auto lobby group Plateforme Automobile, or PFA, Marc Mortureux, told Reuters that in order for the auto industry to reach its new goal, EV sales must be dramatically increased. He said, “The gap is really big,”
However, automakers have expressed dissatisfaction about the EU’s new emissions standards, arguing that they are excessively ambitious and have urged the bloc to change them to something more realistic.
Automakers in the EU will need to invest more in innovative technology, like solid-state batteries, according to a recent statement from the European Council on Foreign Relations.