Intel stock spikes after report of possible US government stake
Investing.com - Stellantis (NYSE:STLA) may be forced to close factories due to the risk of substantial European Union fines for failing to meet CO2 emission targets, according to the company’s Europe chief on Tuesday.
Jean-Philippe Imparato, head of the Franco-Italian automaker for Europe, warned that current EU targets remain unreachable for automakers and could expose Stellantis to fines of up to 2.5 billion euros ($2.95 billion) within "two-three years."
Speaking at a conference in the Italian parliament in Rome, Imparato indicated that without significant regulatory changes by year-end, "we will have to make tough decisions."
The Stellantis executive explained the company faces two options: either double its electric vehicle sales, which he described as impossible, or reduce production of petrol and diesel vehicles to improve the fleet’s energy mix in favor of electric models.
"I have two solutions: either I push like hell (on electric) ... or I close down ICE (internal combustion engine vehicles). And therefore I close down factories," Imparato stated, specifically mentioning the Italian van-making plant of Atessa as potentially affected.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.