Oil giant Saudi Aramco has invested in internal combustion engine-maker Horse Powertrain
The head of the world’s largest oil company said internal combustion engines will be around for a ‘very, very long time’ as it invests in a new London-based firm.
‘It will be incredibly expensive for the world to completely stamp out, or do without internal combustion engines,’ Yasser Mufti, executive vice president at Saudi Aramco, told the Financial Times as his firm took a 10 per cent stake worth £580million in Horse Powertrain.
Launched by Chinese car maker Geely and France’s Renault, it will make fuel-based engines.
They are betting that as the industry stops developing petrol and diesel-fuelled engines, it will start relying on other firms to produce them.
Mufti said: ‘If you look at affordability and a lot of other factors, I do think [combustion engines] will be around for a very, very long time.’
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