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  "documentTitle": "CO2 Emissions Report",
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  "notes": "The table highlights the significant financial impact of missing emissions targets, with some penalties representing a large percentage of 2018 EBIT.",
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      "text": "We now expect all manufacturers to miss their target and face significant fines.",
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      "text": "Penalty in million €: €4.5 billion",
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      "text": "We now expect all manufacturers to miss their target and face significant fines. In the case of Volkswagen, these could be as high as €4.5 billion due to its high sales volume. Even those that were previously on track to meet their targets, such as Renault-Nissan-Mitsubishi and Volvo, look set to fall short. This means the scale of fines for many will be enough to affect their profitability.",
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      "text": "Figure 3. Mazda is furthest from its emissions target, while Toyota has fallen behind its target for the first time",
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      "text": "CO2 EMISSIONS ARE INCREASING. CAR MAKERS MUST ACT",
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