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 Dec. 17 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 Dec. 18 in an emailed statement.
