Saudi Aramco is betting the internal combustion engine will be around for a “very, very long time” as the world’s largest oil company spots a business opportunity from the rise of the electric car.
The state-owned oil group, which made $500bn in revenues last year mainly from producing and selling crude, last month took a €740mn, 10 per cent stake in Horse Powertrain, a company dedicated to building fuel-based engines.
The calculation by Saudi Aramco and the other shareholders in Horse, Chinese carmaker Geely and its French peer Renault, is that as the industry stops designing and developing its own combustion engines, it will start buying them from third parties.
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