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(Bloomberg) — Saudi Arabia’s state oil company and one of China’s main electric carmakers agreed to explore closer collaboration on new energy vehicle technology, a move that would bring the world’s biggest crude exporter and consumer together to navigate changes in mobility.
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Saudi Aramco and BYD Co. signed an agreement to combine research, find new technologies and improve transport efficiency, according to a statement. The companies didn’t provide further detail or indicate when the deal might advance to more formal cooperation.
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The agreement is a shift for Aramco, whose executives have often expressed skepticism over the pace of the transition away from traditional fossil fuels. While Aramco does invest in research in vehicle technologies and efficiency, it has mostly focused on internal combustion engines. That includes a 10% stake in a joint venture called Horse to develop drivetrains with Renault SA and Geely Automobile Holdings Ltd.
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“Aramco is exploring a number of ways to potentially optimize transport efficiency, from innovative lower-carbon fuels to advanced powertrain concepts,” Ali A. Al-Meshari, senior vice president for technology, said in the statement. “This work stems from our belief that multiple approaches are necessary to support a practical energy transition.”
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Saudi Arabia has been plowing money into the EV space in recent years as it strives to create a domestic auto manufacturing hub under Crown Prince Mohammed bin Salman’s agenda to diversify the economy away from oil. His goal is to have EVs account for about a third of cars on the road by 2030 and reach net-zero emissions by 2060.
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The Saudi sovereign wealth fund known as the PIF is the top shareholder in EV maker Lucid Group Inc. and has created its own brand called Ceer in a bid to back those ambitions. Tesla Inc. recently opened up shop in the kingdom, in what some have said is a vote of confidence in the future of the Saudi EV market.
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