A Tesla assembly plant in Tilburg, the Netherlands. Picture: DEAN MOUHTAROPOULOS/GETTY IMAGES
Stellantis, the carmaker formed through the merger of PSA Group and Fiat Chrysler, announced on Wednesday it is exiting a European emissions-credit agreement with Tesla. Complying with standards on its own will save the company about €300m, roughly two-thirds of which would have gone to Tesla, CFO Richard Palmer said.
Tesla has steadily increased sales of regulatory credits to carmakers that need help complying with emissions standards that are getting stricter in Europe, China and the US. The revenue goes straight to the electric carmaker’s bottom line and has routinely exceeded net income on a generally accepted accounting principles, or GAAP, basis. Without the credit sales in recent quarters, the company would have recorded losses.
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