EU companies speak out against AI law

 

More than 150 executives from major European companies, including Renault, Heineken, Airbus, and Siemens, have signed an open letter arguing that the EU's proposed AU Act would harm Europe's competitiveness and technological sovereignty.  The executives argue that the rules are too extreme and could impede rather than foster AI innovation. The signatories argue that the regulations heavily restrict technologies, in particular generative AI, which could lead to high compliance costs and liability risks for companies. They warned that companies might relocate, and investors might withdraw capital from European AI development. They've called for policymakers to revise the bill, emphasizing the need for a risk-based approach and broad principles. The companies urged the EU to establish an expert regulatory body to oversee the law's rollout. OpenAI previously lobbied against proposed rules in the AI Act and had threatened to leave the European market but later clarified it has no plans to do so.