Connect with us
Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.

Top Stories

Euro 7 emissions standard to cost many times EC forecasts -industry group

Euro 7 emissions standard to cost many times EC forecasts -industry group

Euro 7 emissions standard to cost many times EC forecasts -industry group

By Nick Carey

LONDON (Reuters) – Proposed Euro 7 emissions regulations will lead to direct costs for auto manufacturers that are up to 10 times higher than the European Commission’s forecasts, Europe’s car industry group said on Tuesday, citing a new study.

The European Automobile Manufacturers Association (ACEA) said a study by consultancy Frontier Economics found that the direct costs for petrol cars and vans – including type approval, investment and equipment costs – to comply with Euro 7 would be 1,862 euros ($2,050) per vehicle, versus the Commission’s estimate of 184 euros per vehicle.

The study said direct costs for buses and trucks would average 11,707 euros per vehicle, compared with a Commission estimate of 2,765 euros.

The ACEA said the increase in prices for consumers and companies buying those vehicles would be even higher.

“The European auto industry is committed to further reducing emissions,” ACEA Director General Sigrid de Vries said in a statement. “However, the Euro 7 proposal is simply not the right way to do this, as it would have an extremely low environmental impact at an extremely high cost.”

European carmakers have been fighting back against Euro 7, arguing the regulations are too costly and unnecessary because the industry is spending tens of billions of euros in zero-emission electric vehicles (EVs).

But the European Commission says the regulations are needed to cut harmful emissions and prevent a repeat of Volkswagen AG’s so-called Dieselgate emissions scandal of 2015.

European Union countries and lawmakers will negotiate proposals this year for tighter limits for diesel – but not petrol – car emissions and for heavy-duty trucks and buses, including nitrogen oxide and carbon monoxide.

Euro 7 would take effect in mid-2025 for cars and in mid-2027 for trucks and buses.

Last week Italy’s transport minister said the country and its EU allies “have the numbers” to block Euro 7.

($1 = 0.9084 euro)

 

(Reporting by Nick Carey in London; Editing by Matthew Lewis)

 

Global Banking & Finance Review

 

Why waste money on news and opinions when you can access them for free?

Take advantage of our newsletter subscription and stay informed on the go!


By submitting this form, you are consenting to receive marketing emails from: Global Banking and Finance Review, Alpha House, Greater London, SE1 1LB, https://www.globalbankingandfinance.com/. You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

Recent Post