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Europe's electric vehicle industry urges EU to not delay CO2 emissions targets

More than 150 executives from Europe's electric vehicle industry signed a Monday letter urging the European Union not to abandon its zero-emission target for cars, vans and trucks by 2035.

Signatories from the electric car industry, including Volvo Cars, Polestar and others, have warned against any delay in meeting the targets. They said that this would lead to a stalling of Europe's EV Market, giving an advantage to competitors around the world and eroding the confidence of investors.

This follows a separate, end-of-August letter from the heads of European automotive manufacturers' and suppliers' associations to European Commission president Ursula von der Leyen in which they stressed that a reduction of 100% for cars by the year 2035 was not feasible.

The letter was signed by Ola Kaellenius, CEO of Mercedes-Benz.

Von der Leyen will discuss the future of automotive industry with players in the sector, who are facing dual threats of increased competition by Chinese competitors and U.S. Tariffs.

Michael Lohscheller said that lowering targets would send the message that Europe is willing to compromise on its commitments.

This would be harmful to the climate. He said that it would hurt Europe's competitiveness.

Michiel Langzaal is the CEO of Fastned a charging company in the EU. He cited how the 2035 goal had brought clarity and the investments made already, such as charging infrastructure and software.

He said, "Those investments will only produce returns if we reach this goal."

According to a Monday report by the transport research and campaigning group T&E, all European carmakers except Mercedes-Benz are on track to meet CO2 regulations for cars and vans in 2025-2027.

Mercedes said it would have to pool its emission with Volvo Cars, Polestar, and other manufacturers to avoid being fined for not meeting the target. (Reporting and editing by Marleen Kasebier, Nick Caresebier)

(source: Reuters)