European Automobile Manufacturers’ Association (ACEA), an industry lobby group, said the proposal goes too far and threatens automakers with higher input and administrative costs.

Germany’s BMW fell around 8% on Wednesday, slumping toward the bottom of the pan-European Stoxx 600 index.

The Munich-based carmaker, which is reportedly on track for its worst trading day since September last year, issued a fresh profit warning on Tuesday, citing slow growth in China and the ongoing impact of U.S. import tariffs.

Germany’s Mercedes-Benz Group, Porsche and Volkswagen were all down roughly 2%.

Shares of France’s Renault and Milan-listed Stellantis were last seen 2.5% lower and 0.3% lower, respectively.