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Oil giant Saudi Aramco has invested in internal combustion engine manufacturer Horse Powertrain
The head of the world’s largest oil company said internal combustion engines will be around for a “long, long time” as he invests in a new London-based company.
“It will be incredibly expensive for the world to completely phase out or do without internal combustion engines,” Yasser Mufti, executive vice president of Saudi Aramco, told the Financial Times when his company acquired a 10 percent stake worth £580m in Horse Powertrain.
Launched by Chinese carmaker Geely and French automaker Renault, it will make fuel-based engines.
They are betting that as the industry moves away from developing gasoline and diesel engines, it will begin to rely on other companies to produce them.
Mufti said: “If you take into account affordability and many other factors, I think (combustion engines) will be around for a long, long time.”
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