BRUSSELS, Aug 29 (Reuters) - European and Asian auto makers must do more to meet voluntary targets to reduce carbon dioxide (CO2) emissions from new cars or face possible legislative action, the European Union's executive said on Tuesday. The European Commission said average 2004 CO2 emissions from new cars in the 15 "old" EU member states were down 12.4 percent from 1995 levels, far off a target of a roughly 25 percent cut by 2008/09. "The current situation is by no means satisfactory," a