Renault, Geely Agree to Set Up Powertrain-Technology Joint Venture
July 11 2023 - 1:46AM
Dow Jones News
By Giulia Petroni
Renault and Geely have created a 50-50 joint venture to set up a
powertrain-technology company.
The French car maker said on Tuesday that the JV targets an
annual production capacity of up to five million internal
combustion, hybrid and plug-in hybrid engines and
transmissions.
The company will supply multiple brands worldwide, including
Volvo Cars, Proton, Nissan and Mitsubishi Motors. The headquarter
will be in the U.K.
Completion of the transaction is expected to take place in the
second half of the year, subject to authorities approvals, Renault
said.
Oil giant Aramco, which signed a letter of intent with Renault
and Geely on March 2, is evaluating a strategic investment in the
JV.
Write to Giulia Petroni at giulia.petroni@wsj.com
(END) Dow Jones Newswires
July 11, 2023 01:31 ET (05:31 GMT)
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