November 9, 2017 / 9:31 AM / a year ago

Continental CFO eyes business from EU's emissions push

FILE PHOTO: Wolfgang Schaefer, CFO of German tyre company Continental poses for the media before the annual news conference in Hanover, Germany March 2, 2017. REUTERS/Fabian Bimmer

BERLIN (Reuters) - Germany’s Continental (CONG.DE) bets that the European Union’s “ambitious” car-emissions targets may boost demand for its own technology, finance chief Wolfgang Schaefer said.

The EU’s executive arm on Wednesday proposed that carmakers cut average CO2 emissions by 30 percent by 2030 compared with 2021 levels and target an interim reduction of 15 percent by 2025.

“Basically, this is an opportunity for us to get even more strongly into the car with our emissions-cutting technologies,” Schaefer said in an interview on Thursday after the company’s third-quarter results.

Volkswagen’s (VOWG_p.DE) Czech division Skoda on Wednesday said the planned targets for further cuts in carbon dioxide (CO2) emissions will require it to upgrade its model strategy.

Separately, the auto parts and tyre maker will keep looking for acquisitions after announcing the purchase of Israel’s Argus Cyber Security a week ago, the CFO said.

World car production may grow between 1 and 2 percent next year, with demand in Europe and China offsetting a decline in the United States, Schaefer said, adding that Continental’s automotive division may outpace that growth.

Reporting by Andreas Cremer and Irene Preisinger; Editing by Maria Sheahan

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