Aramco Signs Letter of Intent With Geely and Renault for Powertrain Company
March 02 2023 - 12:27AM
Dow Jones News
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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