By Justina Lee

Saudi Arabian Oil Co. has signed a letter of intent with Renault Group and Geely to acquire a minority stake in a new powertrain company that focuses on lower-emission technology.

The planned company will be a standalone global supplier with an annual production capability of more than five million internal combustion, hybrid and plug-in hybrid engines and transmissions, Renault said Thursday.

The investment from Aramco will support the development of synthetic-fuel solutions and next-generation hydrogen technology.

Write to Justina Lee at justina.lee@wsj.com

(END) Dow Jones Newswires

March 02, 2023 00:12 ET (05:12 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.
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