S-Oil chief voices concern about electric vehiclesThe chief executive of S-Oil said Tuesday that the expansion of electric vehicles is only a matter of time, underscoring concern that the spread of zero-emission cars could undermine the refiner’s profit growth.
Korean and global carmakers have been racing to go electric amid tightened regulations around the world on greenhouse gas emissions that scientists say are to blame for global warming.
“Tightening environmental regulations around the world and technological innovation related to EVs are posing threats to us,” Othman Al-Ghamdi said. “The expansion of EVs is only a matter of time, and the direction of change is almost certain.”
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