MILAN, March 4, 2026, 14:05 (UTC+01:00)
Stellantis, Toyota, and Subaru are absent from Tesla’s 2026 carbon-credit pool, according to an EU filing dated Feb. 27, which means they’re not teaming up with other carmakers to jointly meet the bloc’s CO2 limits for that year. Last year, though, all three were in Tesla’s 2025 pool, along with Ford, Mazda, Honda, Suzuki, and Leapmotor—Stellantis’ electric-vehicle partner. Stellantis said it’s “not currently participating” but isn’t ruling out joining down the line. For Toyota, a Europe spokesman said it’s still too soon to say whether pooling will be necessary. Toyota continues to hold a 21% stake in Subaru, adding a layer of complexity. There’s also the question of how Stellantis will factor in Leapmotor’s EV sales for EU targets. Reuters
This pivot is significant for Tesla. Emissions and other regulatory credits—lucrative, low-cost revenue—have long padded the margins. In 2025, Tesla booked $1.993 billion in automotive regulatory credits revenue, a 28% decline from 2024. The company said it continues to sell these credits worldwide to regulated companies that need them for emissions compliance.
Brussels tweaked the timeline, shifting some of the pressure off automakers. Now, thanks to a new flexibility rule from the European Commission, car and van manufacturers can average out their CO2 results across 2025, 2026, and 2027—no more scrambling to hit every annual target. That change reduces the threat of short-term penalties if they fall short in a single year.
Manufacturers often turn to pooling to hit those targets. In the EU system, a pool counts as one manufacturer when it comes to compliance. The Commission looks at the collective results of all pool members to set targets and figure out any “excess emissions” penalties. CIRCABC
Tesla’s filing comes as the company looks to regain its footing in Europe after a slump. Fresh registration numbers out this week show the automaker clawed back share in several markets during February: up 55% in France, more than doubled in Portugal, a 74% jump in Spain and 32% higher in Norway. Elsewhere, registrations dropped—down 45% in the Netherlands, 18% lower in Denmark, and a 7% dip in Italy.
Labour strife is flaring at Tesla’s Berlin-area factory, where workers at Gruenheide started voting this week on a new works council. IG Metall is angling for a bigger role; its lead candidate Laura Arndt said the union’s “issues are clearly striking a chord with our colleagues.” The race has been underscored by legal disputes and sharp exchanges between management and labour. Reuters
Tesla’s stock has mostly been valued with an eye on what the company can do beyond selling cars, so investors tend to zero in on the smaller, non-auto revenue streams. “The key signal for 2026 is that Tesla is intentionally trading near-term automotive margin for fleet scale… later be monetized through autonomy and software,” Shay Boloor, chief market strategist at Futurum Equities, wrote in a recent note on the company’s outlook. Reuters
The credit outlook remains volatile. Automakers have room to pause, revisit their projections, and hold off on paying for pooled compliance if they choose. Shifts in EV demand, new models hitting the market, or tweaks to regulation can all shift things fast. A more relaxed rulebook, too, eases the immediate pressure.
