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If the European Union’s “Euro 7” emissions plan is implemented in its current form, Czech automaker Skoda, which is a part of Volkswagen AGVWAGY, may be forced to eliminate some models and 3,000 jobs.
The proposed Euro 7 law tightens limits on the emission by cars of health-harming pollutants, including nitrogen oxides, reported Reuters.
According to the report, Martin Jahn, a board member of Skoda, stated that, “If (Euro 7) is approved in this shape, it would mean for Skoda Auto to close one plant, because we would stop producing the smaller models – Fabia, Scala, Kamiq – that means 3,000 jobs (would be) hit at least.”
“Overall, more than 10,000 jobs would be at risk in the Czech Republic, including at Skoda’s suppliers,” Jahn added.
Price Action: VWAGY shares closed lower by 3.8% at $16.32 on Friday.
