Stellantis chairman John Elkann said on Thursday in a joint appearance with Renault CEO Luca de Meo that the European Union needs to cut regulations that are making cars, especially smaller models, too expensive.
“If we have less regulations, we can make sure that we build cars that are less expensive and so they’ll be more affordable,” said Elkann, appearing at the FT Future of the Car Summit in London via video link.
Their joint appearance comes just over a week after the European Parliament voted to fast track softer EU CO2 emissions targets for cars and vans that will allow automakers more time to comply and reduce potential fines.
Renault’s de Meo said that the French automaker already “doesn’t make money” on some small cars, adding that between 2015 and 2030 regulations will raise the cost of a medium-sized Renault-built car by 20% and for small cars by 40%.
“Small cars still have a purpose and they could actually reboost the automotive market in Europe,” de Meo said.
