VWAGY - EU auto suppliers sound the alarm over electric targets

The European Union is planning to ban combustion engine cars by 2035, but that may have some knock-on effects on employment across the bloc. In a recent survey of the European Association of Automotive Suppliers, CLEPA, PwC found that the speed of the energy transition would put half a million jobs at risk, causing "social and economic" difficulties that would be hard to mitigate. Union leaders in Europe and North America have also warned of severe job losses, while vehicle quality could suffer as automakers struggle to manage the higher costs of building EVs. The disruption: There has been a lot of interest in electric cars in Europe due to very generous subsidies in places like Germany. The biggest carmakers, like Volkswagen (OTCPK:VWAGY), have also ruled out splitting their R&D budgets to focus on other technologies like e-fuels and hydrogen, since the barriers of going fully electric are high enough.

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EU auto suppliers sound the alarm over electric targets