The Renault Group and Geely have signed an agreement that will lead to to the creation of an equal joint venture to develop and produce highly efficient hybrid and internal combustion engines. Therefore, after the non-binding agreement that the two companies had entered into in November 2022, the signature for the creation of this new company arrives. in which Aramco could also invest.
Aramco's investment would support the growth of the new company and contribute to the research and development of solutions related to synthetic fuels and technologies based on the use of #39;hydrogen.
THE JOINT VENTURE
The Renault Group and Geely will have an equal number of members on the board of directorsof the joint venture which, initially, will be able to count on two operational headquarters: Madrid for the French and Hangzhou Bay for the Chinese. In addition, the headquarters will be located in the city. created in the UK. The Renault Group and Geely will transfer their skills to the operational centers allowing them to be completely autonomous in the development of future propulsion technologies capable of meeting all market expectations.
The new company – will be able to count on 17 factories dedicated to engines and 5 research and development centers on 3 continents with a total of 19,000 employees. At the beginning, the new company was founded in 2005. will have as customers Renault, Geely, Volvo, Proton, Nissan, Mitsubishi Motors Company and PUNCH Turin. In the future, the joint venture aims to expand the number of its customers.
As part of the deal, Geely and Renault will enter into a long-term procurement agreement with the joint venture to supply internal combustion, hybrid and plug-in hybrid engines for passenger cars. In addition, Renault will acquire the also powertrains for light commercial vehicles and batteries. The completion of the operation is timed. expected in the second half of 2023. Luca de Meo, CEO of the Renault Group, commented:
Faced with today's automotive challenges, no one can; claim to have all the solutions, alone. Finding breakthrough innovations requires combining skills and resources. When it comes to the global race to decarbonise road transport, there is no way around it. time to waste. Today we are proud to join forces with a great company like Geely to create a new player, up to the challenge, capable of revolutionizing the market and paving the way for ultra-low emission ICE technologies. I want to thank Eric Li Shufu for trusting him: now we are ready to move forward!
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