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Contrarian investor: Reports of the internal combustion engine’s death are greatly exaggerated

The U.K on Wednesday promised to ban the sale of new gasoline and diesel cars by 2040, in another swipe at the internal combustion engine.

All new vehicles in Britain will have to be fully electric in 23 years, and that comes after France announced a similar plan three weeks ago. The U.K. news also follows Chinese-owned auto maker Volvo’s VOLVB, +0.56% announcement that it will phase out gas-only cars within two years.

But the reports of the internal combustion engine’s death are greatly exaggerated, according to Bill Smead, CEO of Smead Capital Management, which bills itself as a contrarian and value-focused shop.

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