Renault Group and Geely have signed a 50/50 joint venture agreement 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.
The new company will include 17 engine plants and 5 R&D centres in 3 continents with 19,000 employees. Aramco, which signed a letter of intent with Renault and Geely on March 2, 2023, is evaluating a strategic investment in this new powertrain technology company. The initial organisation will have two operational centres in charge of the respective operations: Madrid for Renault Group and Hangzhou for Geely. An executive team will be based in the headquarters of the new company, which is intended to be established in the UK, to consolidate operations, build on synergies, and define future plans.