Europe’s top five carmakers more than double profits since 2019

Figures come despite claims firms cannot afford to comply with planned EU pollution rules

Europe’s top five carmakers have more than doubled their profits since 2019 despite claiming that they cannot afford to comply with planned EU pollution rules, a new analysis reveals.

The European auto industry’s “big five” - BMW, Mercedes, Renault, Stellantis and Volkswagen - collectively pocketed €64bn in profits by selling fewer cars, yet at more expensive prices, according to the study by Transport and Environment (T&E), a green thinktank.

But the five firms, which are this year paying out €27bn in shareholder dividends and stock buybacks, argue through their trade association that de-toxifying car exhaust emissions would send car prices soaring by up to €2,000.