World’s largest oil company bets on the enduring power of petrol

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The story "World’s largest oil company bets on the enduring power of petrol" was covered 1 weeks ago by Financial Times, a news publisher based in United States.

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Financial Times 1w ago

World’s largest oil company bets on the enduring power of petrol - Financial Times

Quick Summary:

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.

Philippe Houchois, an automotive analyst at Jefferies, said it made sense for Geely and Renault to try to achieve scale by combining their manufacturing.“The transition to EV is slower than some thought, and there are hybrids, which some thought would disappear, so the runway is longer,” said Houchois, adding that smaller car companies such as Honda and Nissan could be potential customers for Horse.

The venture’s success will depend on whether other carmakers are willing to put their trust in a company born out of their rivals.“Not everybody understands at this point what the business model looks like,” said Giannini, adding that Horse needed to communicate that it was “an independent company to support everybody and not only its mother companies”.