The European automotive industry described the sealed deal as "an extremely tough piece of legislation," but welcomed the "essential flexibility" given to it to adjust its development and production cycles to the legal requirements.
However, according to Christian Streiff, president of the Association of European Automobile Manufacturers (ACEA), "the penalty of €95 per excess gramme of CO2 remains extremely high compared to the price of CO2 in other sectors".
ACEA also underlined that the long-term CO2 reduction target requires "technological breakthroughs, new refueling infrastructure and a swift renewal of the car fleet on Europe's roads".
The day before the vote, the European Investment Bank announced its 2009-2011 funding plan, which is set to allocate some €16 billion additional lending for clean transport facility for the automotive and other transport industries, their equipment manufacturers and component suppliers.
"The industry reiterates its call for €40 billion in low-interest loans," said Ivan Hodac, secretary-general of ACEA.
He said the €16 billion of EIB money and the Commission's economic stimulus package (EurActiv 27/11/08) were welcome steps but more would be required to help the capital- and engineering-intensive industry face the economic crisis and new regulatory challenges.
In addition to R&D funds, the sector needs a functioning financial market and a range of market incentives to restore consumer demand, ACEA concluded.
