Overview
- First NVES interim report covers 620,947 vehicles across 59 entities, with 68% meeting 2025 caps and average fleet emissions at 114g/km (Type 1) and 199g/km (Type 2).
- Mazda holds the largest interim liability at about $25.4 million, followed by Nissan ($10.8m), Subaru ($7.0m) and Hyundai ($4.2m), with penalties calculated at $50 per gram per km per vehicle if not offset by 2028 and higher if paid late.
- Brands generated a net surplus of roughly 15.9 million tradable credits, led by BYD, Toyota and Tesla, creating an active market for offsets to cover shortfalls.
- Compliance pressure rises in 2026 as caps tighten to 117g/km for passenger vehicles and 180g/km for light commercials, with deficits to be cleared by December 31, 2027 ahead of penalties expected in early 2028.
- Industry responses vary, with Hyundai confirming it deliberately boosted petrol N performance imports despite added liabilities, the FCAI warning EV demand remains subdued, and some reporting indicating prices are being adjusted to reflect NVES costs.