Stellantis Chairman John Elkann warns of “irreversible decline” in European auto industry if EU does not ease carbon emission cuts. Industry proposes flexibilities on emissions targets to avoid decline, including plug-in hybrids and scrappage schemes. New hybrid Fiat 500 key in reviving Italian output amidst low demand and competition.

Stellantis CEO Antonio Filosa urges urgent action from European authorities to win back customers with innovative products like the Fiat 500 hybrid. Talks have been lengthy, but industry needs definitive solutions to support future investment and employment in Europe. Tough EU rules risk factory closures and hefty fines for CO2 targets.

Former Europe chief cautioned Stellantis may have to close factories due to EU fines linked to CO2 targets. Union representative Gianluca Ficco calls for rule changes before consequences become severe for industry and jobs. Industry awaits European Commission’s proposals on carbon emissions regulation review on December 10.

Read more at Yahoo Finance: In plea to EU, Stellantis chairman warns European car industry risks ‘irreversible decline’