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Focus: Europe's carmakers discount EVs, hike petrol car prices as new emissions rules loom

European carmakers are increasingly offering discounts on electric vehicles (EVs) while simultaneously raising prices on petrol cars as new, stricter emissions regulations are set to take effect in 2025. This strategy is aimed at boosting EV sales to meet the European Union's ambitious targets for reducing fleet-wide CO2 emissions. The new rules mandate a 15% reduction in CO2 emissions for new cars by 2025 compared to 2021 levels, pushing manufacturers to sell more zero-emission vehicles. Companies like Volkswagen, Stellantis, and Renault are among those providing significant incentives on EVs, with discounts reaching up to 10,000 euros in some cases. Conversely, the price of petrol cars is increasing due to the costs associated with compliance with the new emissions standards, which include fines for exceeding CO2 limits. This dual pricing strategy reflects the automotive industry's efforts to navigate the transition to electric mobility while managing the financial implications of regulatory compliance.

Read the Full Reuters Article at:
[ https://www.reuters.com/business/autos-transportation/europes-carmakers-discount-evs-hike-petrol-car-prices-new-emissions-rules-loom-2024-12-17/ ]