VW Urges EU To Reconsider Emissions Targets As EV Demand Declines In Europe

Volkswagen Urges EU to Reconsider Emissions Targets Amid Declining EV Demand

Volkswagen (VW) is calling on European regulators to reassess the emissions targets set for 2025 as the demand for electric vehicles (EVs) in Europe experiences a decline. VW CEO Oliver Blume stated that CO2 targets should be adjusted based on market conditions, as it doesn't make sense for the industry to pay penalties when the framework conditions for EV ramp-up aren't in place.

The cooling EV shift has put a strain on carmakers, with new buyers becoming harder to win over as incentives fall away and vehicle prices remain high. In Germany, Europe's biggest market, battery car sales have plummeted after the government cut subsidies altogether. While Europe's EV sales are still rising, the trajectory of the shift has veered off course, causing uncertainty for buyers and the industry.

The EU plans to phase out new sales of fuel-burning cars by 2035, with some exceptions for synthetic fuels. However, charging infrastructure gaps and high vehicle prices remain key hurdles for this ambitious climate-friendly policy. Citigroup has downgraded expectations for the EU after the share of EVs of total deliveries shrank in February.

Australian Court Rules Craig Wright is Not the Inventor of Bitcoin

In a related story, a judge at the High Court in London has ruled that Australian computer scientist Craig Wright is not the inventor of Bitcoin, following a five-week trial. The case was brought by a group of Bitcoin companies against Dr. Wright, accusing him of creating a chilling effect on the development of the cryptocurrency due to his aggressive legal cases. The judge stated that the evidence was overwhelming and agreed with the plaintiffs that Dr. Wright is not the person who created the Bitcoin system or operated under the pseudonym Satoshi Nakamoto.

India Announces Policy Shift to Lower Import Taxes on EVs

In a move that could potentially support Tesla's plans to enter the South Asian market, India has announced a policy shift to lower import taxes on electric vehicles (EVs) for companies investing at least $500 million and setting up local manufacturing within three years. Companies must invest a minimum of $500 million in India, establish local EV manufacturing with at least 25% domestic components, and will be allowed to import 8,000 EVs annually at a reduced 15% import duty on cars costing $35,000 and above. The new policy aims to provide access to the latest technology, boost the local economy, promote healthy competition among EV players, reduce air pollution, and positively impact health and the environment.