FCA officially waves goodbye to its Tesla pool, latest EU data shows
As first revealed by Stellantis in an interview with its charismatic CEO, Carlos Tavares, and the French magazine Le Point, Stellantis no longer requires to pool with Tesla in order to meet EU fleet average CO2 emissions targets. Schmidt Automotive Research can now officially confirm this presenting EU data published last week.
Tesla, the all-electric passenger car manufacturer from California and headed by Elon Musk, now only appears in an open pool with Honda for 2021. FCA has yet to be added to a joint PSA/Opel/FCA Stellantis pool, which is likely to be just a formality. Earlier last year, during an investor conference call, before Tavares gave the Le Point interview, FCA said they expected to pay $300 million to meet global regulatory emissions targets in 2021, with a proportion of that sum going to form a pool with Tesla in Europe.
Regulatory credits form a large part of Tesla's quarterly revenue according to Tesla's own financial data.
Just over $0.5 billion alone was attributed to global regulatory credits paid to the Californian's in the first quarter of 2021 and accounted for 6 per cent of total automotive revenue during the same quarter. This was the highest quarter on record, which means the exit of FCA from its European pool only appears to be impacting them minimally, assuming first quarter results didn't include any type of contractual FCA exit payment clause.
Volkswagen Group has gone on the record and confirmed to Schmidt Automotive Research that they will have to pay regulatory credits for the next two year (2021 and 2022) in order to meet US and Chinese emissions targets.
The German company wasn't prepared to reveal if any of this was being paid to Tesla however.
As previously exclusively reported by the European Electric Car Flash Report Volkswagen is pooling with a number of Chinese-partners up to at least 2022 in its European pool including Aiways, the Geely owned London EV Company as well as SAIC's MG brand.
The European Electric Car Flash Report is available on a monthly basis here. *Western Europe 18 Markets: EU Member States prior to the 2004 enlargement plus EFTA markets Norway, Switzerland, Iceland, plus UK