Hyperdrive
VW's $34 Billion E-Car Budget Won't Cover Tighter EU Rules
- Existing electric plan ‘isn’t enough,’ CEO Diess says
- More aggressive shift to batteries needed under EU plan
Photographer: Krisztian Bocsi/Bloomberg
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Volkswagen AG has to rejig its record 30 billion-euro ($34 billion) spending plan on electric cars after the European Union tightened the rules of the game.
EU negotiators agreed on Monday to reduce carbon-dioxide emissions by an additional 37.5 percent by 2030. The new guidelines are more aggressive than initial goals of a 30 percent cut and would mean that more than 40 percent of Volkswagen’s European deliveries need to be electric, Chief Executive Officer Herbert Diess said Tuesday in an emailed statement.