Renault Samsung, Ssangyong Slapped with Massive Fines
04 March, 2021
Renault Samsung and Ssangyong have already been fined around W40 billion each for violating environmentally friendly regulations (US$1=W1,123).
That is particularly bad news as Ssangyong is seeking court-mediated resuscitation and Renault Samsung is taking applications for early retirement to cut costs.
Last month, the surroundings Ministry announced a set of automakers who'll be penalized for failing to meet tougher greenhouse gas emission standards used in 2012. Renault Samsung was fined W39.3 billion and Ssangyong W38.9 billion.
Automakers that neglect to match greenhouse gas emission specifications are actually slapped with fines commensurate with the amount of vehicles they sell.
The ceiling for greenhouse gas emissions was reduced from 120 g per kilometer in 2018 to 110 g in 2019. Twelve automakers didn't meet the new standard, but simply Renault Samsung and Ssangyong had been fined because the rest emitted lower degrees of greenhouse gases compared to the permitted standard from 2016 to 2018 and were exempt.
Renault Samsung and Ssangyong possess three years to pay for the fine and could come to be forgiven them if indeed they produce more than enough eco-friendly cars until then and emit decreased levels of greenhouse gases.
But Renault Samsung causes only 1 eco-friendly car, the supermini electric power car Renault Zoe, and Ssangyong, which specializes in gas-guzzling SUVs, none. Another option is for them to purchase carbon credits from other carmakers, but that may be just as high-priced as the fine.
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