Fiat Chrysler is paying Tesla to help it meet EU emissions targets

Fiat Chrysler is paying Tesla to help it meet EU emissions targets

In a rather creative way to raise money, Tesla has "opened up its pool (fleet)" so that any automaker can join its "open pool" and count their vehicles alongside Tesla's to offset its potential for fines.

By pooling Tesla's electric vehicles with its own fleet of vehicles the company is able to meet the strict emissions riles that are coming in in 2020.

The Fiat Chrysler group will pool its fleet of cars with Tesla Motors in order to meet EU CO2 emission targets, the Financial Times reported on Sunday.

The report did not mention exactly how much Fiat Chrysler has agreed to pay Tesla but the figure is lower than any fines the automaker would have to pay for failing to meet Carbon dioxide limits.

It's rumored Fiat will pay the electric vehicle company in the order of hundreds of millions of dollars for the privilege.

The California-based company has made more than $1 billion in the last three years by selling emissions credits, according to its annual report to the US Securities and Exchange Commission, allowing it to post quarterly profits.

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Ratings agency Moody's has reported that many carmakers in the European Union are having trouble meeting the emissions standards, and face hefty fines should they not bring their overall emissions in line with the new regulations by 2021.

That's because Fiat Chrysler Automobiles (FCA) and Tesla have come together in an interesting way.

The European Union has set a target for average carbon dioxide emissions of 95 grams per kilometre for each new auto, to be achieved by 2021.

Commenting on the deal, FCA said that it was committed on reducing emissions from its cars, however, the pooling arrangement is likely to offer flexibility to deliver products that customers are willing to buy while managing compliance with the lowest cost approach.

Other vehicle companies teaming up for the sake of regulations include Mazda Motor Corp and Toyota Motor Corp.

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