In an effort to prevent a European ban on new combustion engines beginning in 2035, the CEO of German auto giant VW and its opulent subsidiary Porsche supported Berlin’s efforts on Monday.
Oliver Blume said at the announcement of Porsche’s annual results for 2023, “We think e-fuels (synthetic fuels) can play a useful complementary role for a large number of existing cars and niche segments.”
Germany angered fellow EU members last week by refusing to ratify a landmark accord that would have prohibited the sale of new fossil fuel vehicles beginning in 2035.
Germany is demanding additional guarantees from EU that it will still be possible to use synthetic after the suggested expiration date in order to grant the go-ahead.
Synthetic fuel technology involves creating fuel from CO2 from industrial processes using low-carbon power.
This technique is currently under study.
On Berlin’s stance to the European legislation, Blume stated, “We clearly appreciate the fact that the German government is now taking the appropriate steps.”
In September, Blume was appointed CEO of VW and continued to lead Porsche, the group’s luxury sports brand that later that month went public on the Frankfurt Stock Exchange.
Volkswagen and other automakers heavily invested in electric vehicles in anticipation of the European regulations.