May 29, 2018 / 10:21 AM / 5 months ago

Sixt CEO says efforts to push electric cars are a political mistake

MUNICH (Reuters) - The CEO and major shareholder of German car rental company Sixt (SIXG.DE) said a political effort to push the mass rollout of electric cars is a costly political error.

FILE PHOTO: The Sixt car rental logo is seen in Augsburg, Germany, March 24, 2017. REUTERS/Michaela Rehle

“I don’t believe in e-cars, politically it’s a grave mistake,” Erich Sixt said during a conference call on Tuesday, adding critical raw materials, including cobalt, were already under the control of Asian companies.

“Range is still a catastrophe. You have to invest billions and billions,” Sixt said, adding that some rental customers who try out electric cars often end up stranded.

“If I’m wrong we’ll buy as many electric cars as our clients want us to,” said in a call to discuss earnings.

Earlier this year Sixt sold its share in DriveNow, a car-sharing service which included a fleet of BMW (BMWG.DE) electric cars.

Reporting by Alexander Huebner; Writing by Christoph Steitz; Editing by Edward Taylor

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