As farfetched as it may sound, the battery powering EVs like the Porsche Taycan may soon have materials procured from Big Oil.
Many would think that the rise of electric vehicles would be an existential threat to oil companies like Chevron Corp., but a recent report from Automotive News indicates that this isn't the case. Instead, it might even be profitable to fossil fuel conglomerates in the long run.
According to Chevron CEO Mike Wirth, the process of extracting lithium from the Earth isn't far off from extracting oil and gas, and their "core capabilities" might be transferrable to digging up the element crucial for EV batteries. This allows the company to join the growing EV industry in the future.
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