Here’s what’s in Australia’s new vehicle emissions regulation bill

AutoExec Summary
The Australian Government has introduced the New Vehicle Efficiency Standard Bill 2024, with penalties for carmakers who exceed their CO2 targets. The legislation includes changes to vehicle categorisation, emissions targets, break points, and credits for companies that beat their CO2 targets. The bill also allows electric-only brands like Tesla to trade their credits with other brands. The legislation does not mention off-cycle or super credits. The first reading of the bill took place on March 27, with the NVES set to come into effect on January 1, 2025. Penalties will be enforced from July 1, 2025.

Brands mentioned: Toyota, Ford, Isuzu, Tesla.