Volkswagen to review investment plans to meet new EU CO2 targets - CEO

Volkswagen to review investment plans to meet new EU CO2 targets - CEO
FILE PHOTO: Herbert Diess, Volkswagen's new CEO, poses during the Volkswagen Group's annual general meeting in Berlin, Germany, May 3, 2018. REUTERS/Axel Schmidt/File Photo/File Photo -
Axel Schmidt(Reuters)
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BERLIN (Reuters) – Volkswagen <VOWG_p.DE> will have to review its plans for a shift toward mass production of electric vehicles to meet new European Union CO2 targets in 2030, CEO Herbert Diess said in a statement on Tuesday.

The new European rules require carmakers to reduce carbon emissions from cars across their fleets by 37.5 percent between 2021 and 2030.

Volkswagen’s CEO said the rules would mean that VW will have to hike its electric car production to a level that it cannot meet with its current overhaul programme.

“Due to the current decisions, a review of our planning is necessary, which will be done in autumn 2019, in line with our planning calendar,” he said.

(Reporting by Tassilo Hummel; Editing by Maria Sheahan)

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