Electric Vehicle Demand Plummets: Renault Warns of €15 Billion in Fines as Used Car Sales Surge

The European automotive industry is facing significant challenges as the demand for electric vehicles declines, leading to potential fines and production cuts. Renault's CEO Luca de Meo highlights the urgent need for flexibility in meeting stringent EU CO2 targets, warning that failure to adapt could result in billions in penalties. Meanwhile, the used car market shows signs of recovery in August, with increased sales despite a year-on-year decline.