Volkswagen Group faces a fine of more than 100 million euros ($121 million) for missing its 2020 European Union target for CO2 emissions.

VW Group -- including the VW, Audi, Porsche, and Skoda brands -- cut average CO2 emissions in its new cars sold in the EU last year by about 20 percent to 99.8 grams per kilometer, but that was around 0.5 g/km above its target, VW said in a statement on Thursday.

That implied EU fines amounting to a "very low triple-digit million amount," a VW spokesman said.

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Volkswagen Faces Huge EU Fine For Missing CO2 Emissions Targets

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