Carmakers warn of millions of job losses in Europe

In the document, the European automobile association ACEA estimates that the stricter CO2 regulations leave the sector with only two options: either produce two million fewer cars or risk up to 13 billion euros in fines. Millions of jobs are at risk, it says.

The new rules impose stricter fleet limits, meaning that the CO2 emissions of all registered cars may not exceed a certain threshold in a year.

In practice, this obliges manufacturers to sell a certain share of electric cars. And demand for these vehicles is declining while competition from countries such as China is playing tricks on European companies.