BERLIN (Reuters) - The European Union's new car emissions targets will require Volkswagen's <VOWG_p.DE> lower-cost division Skoda to upgrade its model strategy, its chief executive said.
The European Union's commission proposed earlier on Wednesday that carmakers reduce average CO2 emissions by 30 percent by 2030 compared with 2021 levels and aim to achieve an interim reduction of 15 percent by 2025.
"This will mean that we will once again have to sharpen our product strategies," Skoda CEO Bernhard Maier said on Wednesday at a conference hosted by Automotive News magazine.
If carmakers are found in breach of the new rules, they will face heavy fines in the millions of euros. Skoda may be forced to further expand its offerings of fuel-efficient vehicles, Maier said.
(Reporting by Andreas Cremer; Editing by Arno Schuetze)