23 AUG. 2023
Renault Group and Geely signed a joint venture agreement, with each entity holding 50% stake in the new company, which aims to become the leader in next-generation hybrid and highly efficient powertrain solutions to meet worldwide demand for the years to come.
As announced on March 2, 2023 following the letter of intent signed between Aramco, Geely and Renault Group, Aramco is evaluating a strategic investment in this new powertrain technology company.
The new company will include 17 engine plants and 5 R&D centers in 3 continents with 19,000 employees in a full fledge effective organization strategically structured to provide PWT solutions for multiples OEMs and with an attractive business model to welcome new partners.
Share capital ownership of the joint venture company will be co-controlled by both Renault Group and Geely.
The joint venture company aims to have an annual production capacity up to five million internal combustion, hybrid and plug-in hybrid engines and transmissions per year. It will supply multiple brands worldwide with a complete range of best-in-class powertrains.
The completion of the transaction is expected to take place in H2 2023 and remains subject to the conditions normally applicable to this type of transaction, in particular the prior approval of the relevant antitrust and foreign direct investment authorities.