EU can't agree on ban on sales of internal combustion engine cars because of Porsche and Ferrari

Italy and Germany have thwarted a law that would ban the sale of cars with internal combustion engines in the European Union from 2035. Porsche and Ferrari played no small part in the derailment.

Here's What We Know

The Italian and German companies are not against the environment, but they are against a total ban on sales of cars with internal combustion engines. The automakers want to get vehicles that use electric fuel (e-fuel) out of the ban. This is a type of synthetic fuel that does not create emissions.

Germany and Italy decided to challenge the EU plan days before the vote. This has angered many companies that have invested billions of dollars in electric cars because they cannot afford to use e-fuel.

Porsche and Ferrari have no plans to slow down the decarbonisation of the transport sector, but both companies want to continue producing cars equipped with internal combustion engines. Porsche is doing so because of its investment in an e-fuel plant in Chile, while Ferrari wants to "preserve the legacy".

Source: Bloomberg