Chinese automaker Geely Holding Group and French auto giant Renault Group have announced the signing of a non-binding framework agreement to establish a company that develops, manufactures and supplies hybrid powertrains and internal combustion engines for automobiles, Yicai Global reported. on November 8.
The project is expected to start in 2023 and both parties will each have a 50% stake in the new company, according to statements published today.
The company will offer hybrid and ICE powertrains to brands such as Dacia, Volvo and Nissan, as well as offering related powertrain technologies.
The new company plans to operate 17 powertrain factories on three continents, employing a total of about 19,000 people. Its total capacity will be more than 5 million internal combustion engines, hybrid and plug-in hybrid engines and transmissions per year, which will be supplied to more than 130 countries and regions.
“We are delighted to have agreed plans for an ambitious partnership with Geely to further develop ICE and hybrid technology, which will remain a critical part of the automotive supply chain for decades to come,” said Luca de Meo, Groupe Renault CEO. .
In January, the two companies announced a joint venture to develop and market Renault-brand fuel and smart hybrid vehicles in South Korea.
Source: Rossa Primavera
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