XM does not provide services to residents of the United States of America.

Czechs seek partners to challenge EU's CO2 goals for car sector



<html xmlns="http://www.w3.org/1999/xhtml"><head><title>Czechs seek partners to challenge EU's CO2 goals for car sector</title></head><body>

PRAGUE, Oct 4 (Reuters) -The Czech Republic will seek European Union partners to help it contend with tougher EU CO2 emission rules next year, Transport Minister Martin Kupka and the country's main sector lobby said on Friday.

The EU will lower a cap on average emissions from new vehicles sales to 94 grams/km from 116g/km. Exceeding that cap could lead to fines of 95 euros ($104.80) per excess CO2 g/km multiplied by the number of vehicles sold.

The car industry is the Czech Republic's biggest sector, contributing around 9% of the country's GDP, and has warned of shrinking competitiveness as emissions limits get stricter from 2025, risking hefty fines.

The country's Automotive Industry Association (AutoSAP) said addressing this was necessary.

"Under current market conditions, it is virtually impossible to meet these targets, which would lead to massive penalties in the hundreds of billions of crowns for car manufacturers," said AutoSAP president Martin Jahn, who is also a board member at Volkswagen-owned Czech carmaker Skoda Auto VOWG_p.DE.

"An early revision of the CO2 targets is essential."

AutoSAP and Kupka said the country also wanted to assess the bloc's aim to ban combustion engine vehicles in 2035, part of EU climate goals. Kupka said he would seek other member states for support.

"Together we will do everything to ensure we do not have to think about factory closures and job losses at home, or the loss of individual mobility," Kupka said.

The EU passed a policy last year that will ban sales of new CO2-emitting cars in 2035, effectively ending sales of new combustion engine vehicles running on petrol and diesel.



($1 = 0.9065 euros)



Reporting by Jason Hovet, Editing by Louise Heavens

</body></html>

Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.

All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.

Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.

Risk Warning: Your capital is at risk. Leveraged products may not be suitable for everyone. Please consider our Risk Disclosure.