Geely, Renault Ink Deal To Develop Powertrain Technology
"We are pleased to be embarking on this journey to become a global leader in hybrid technologies, providing low-emission solutions for automakers around the world," said Eric Li, Geely Holding Group chairman.
According to Renault, the new company will have 19,000 employees working in 17 engine plants and 5 R&D hubs. It is anticipated that it will initially serve a variety of industrial clients, including Volvo, Proton, Nissan, Mitsubishi Motors, and PUNCH Torino.
According to Reuters, the new business will generate annual revenues of $16.53 billion.
According to Renault, Saudi Aramco, which signed a letter of intent with Geely and Renault in March, is considering making a strategic investment in the new business.
The Saudi oil producer was engaged in advanced negotiations to take a stake of up to 20% in the JV said sources. In recent years, major oil companies have collaborated with automakers to create hydrogen engines and sustainable fuels. But if a deal were to be reached here, Aramco would become the first significant oil producer to invest in the auto industry.
The launch of the joint venture is anticipated for the second half of 2023.
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