European carmakers raise petrol car prices and offer EV discounts to meet new EU emissions rules.

European carmakers are increasing petrol car prices and offering discounts on electric vehicles (EVs) to meet new EU emissions rules set to begin in January. The rules aim to significantly lower carbon dioxide emissions, requiring at least one-fifth of car sales to be EVs to avoid hefty fines. Currently, only 13% of vehicles sold in Europe are electric. This shift poses challenges for the industry, including higher production costs and declining EV subsidies, while also impacting market growth and industry profits.

December 17, 2024
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