" That year, after years of discussion, the European Union adopted new standards that require a steep decline in CO2 emissions, averaged over the entire fleet, for cars sold in Europe. They were to go into effect in 2020 and 2021. “The only way to make this target is with zero emission vehicles” as a growing share of new car sales, said a senior executive at a major European company. Failure to meet these new standards could cost European automakers as much as $40 billion in fines. Given the half-decade lead time to bring on wholly new models, it meant starting to pivot to EVs right away. "

― Daniel Yergin , The New Map: Energy, Climate, and the Clash of Nations