An internal combustion engine comprising: an engine block assembly; an engine component disposed in the engine block assembly and movable in respect of a central longitudinal axis of the engine component and relative to the engine block assembly, wherein the engine block assembly further comprises a cylinder bank (102, 104) including a plurality of cylinder bores formed therein and a cylinder head mounted to the cylinder bank (102, 104) covering the cylinder bores, and wherein the engine component is a piston reciprocatingly disposed in the cylinder bores and a crankshaft rotatably mounted to the engine block assembly; at least one electromagnet is disposed in the engine block assembly, the at least one electromagnet coupled to at least one of the cylinder bank (102, 104) and the cylinder head adjacent the cylinder bores, characterized in that the engine component includes one permanent magnet embedded in the piston and at least one permanent magnet embedded in the crankshaft; and in a control system adapted to provide an electrical current to the at least one electromagnet to produce a desired magnetic field, wherein the magnetic field of the electromagnet cooperates with a magnetic field of the permanent magnet to affect a motion of the engine component in respect of its central longitudinal axis and relative to the engine block assembly; further characterized in a magnetized connecting rod having opposing ends, a first end rotatably attached to the crankshaft and a second end coupled to the piston, wherein a magnetic polarity of the magnetized connecting rod causes a magnetic attraction between the first end and the crankshaft and a magnetic attraction between the second end and the piston. an engine block assembly; an engine component disposed in the engine block assembly and movable in respect of a central longitudinal axis of the engine component and relative to the engine block assembly, wherein the engine block assembly further comprises a cylinder bank (102, 104) including a plurality of cylinder bores formed therein and a cylinder head mounted to the cylinder bank (102, 104) covering the cylinder bores, and wherein the engine component is a piston reciprocatingly disposed in the cylinder bores and a crankshaft rotatably mounted to the engine block assembly; at least one electromagnet is disposed in the engine block assembly, the at least one electromagnet coupled to at least one of the cylinder bank (102, 104) and the cylinder head adjacent the cylinder bores, characterized in that the engine component includes one permanent magnet embedded in the piston and at least one permanent magnet embedded in the crankshaft; and in a control system adapted to provide an electrical current to the at least one electromagnet to produce a desired magnetic field, wherein the magnetic field of the electromagnet cooperates with a magnetic field of the permanent magnet to affect a motion of the engine component in respect of its central longitudinal axis and relative to the engine block assembly; further characterized in a magnetized connecting rod having opposing ends, a first end rotatably attached to the crankshaft and a second end coupled to the piston, wherein a magnetic polarity of the magnetized connecting rod causes a magnetic attraction between the first end and the crankshaft and a magnetic attraction between the second end and the piston.