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Despite the ID.3 hitting the market in Europe, VW is expected to be hit with fines for missing its 2020 mandated target for CO2 emissions reductions. The fines could be in the hundreds of millions of Euros.
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We cannot provide a clear commitment at this point that we will achieve compliance. It will be a difficult race,” said VW Group sales boss Christian Dahlheim. Meanwhile, the company’s finance chief, Frank Witter, told analysts that VW has already set aside funds to cover the likely costs of the fine.
“We have (booked) a couple hundred million in provisions to be on the safe side,” he stated.
Witter added that a fine would represent just a “snapshot” in time because his company is “quite comfortable” regarding compliance next year and in the long term for the European market.
“Certainly it would be great to already be compliant in 2020, but we are talking a ten-year horizon at the end of the day,” he added. “If there was a small miss, it would not be great, but it would not be the end of the world.”
ID.3 Unable To Save VW As Carmaker Expects To Miss 2020 EU CO2 Reduction Target And Will Face Fines | Carscoops
VW will likely not hit its 2020 CO2 reduction target despite its pooling deal with Chinese-owned MG Motor
www.carscoops.com
We cannot provide a clear commitment at this point that we will achieve compliance. It will be a difficult race,” said VW Group sales boss Christian Dahlheim. Meanwhile, the company’s finance chief, Frank Witter, told analysts that VW has already set aside funds to cover the likely costs of the fine.
“We have (booked) a couple hundred million in provisions to be on the safe side,” he stated.
Witter added that a fine would represent just a “snapshot” in time because his company is “quite comfortable” regarding compliance next year and in the long term for the European market.
“Certainly it would be great to already be compliant in 2020, but we are talking a ten-year horizon at the end of the day,” he added. “If there was a small miss, it would not be great, but it would not be the end of the world.”
