Chinese automaker Geely Holding Group and French automaker Renault Group have jointly established a new company to develop and supply advanced hybrid powertrains and fuel-efficient internal combustion engines, Renault Group said Tuesday. The collaboration comes after the framework agreement was announced in November 2022.
Saudi Aramco, having signed an investment memorandum of understanding with Geely and Renault on March 2, is currently assessing a strategic investment in the new powertrain technology company. This investment is expected to drive the company's growth and contribute to the development of synthetic fuel solutions and next-generation hydrogen power technologies.
The newly established company will provide services to various brands, including Renault, Geely Auto, Volvo Cars, Lynk & Co, Nissan, Mitsubishi Motors, and PUNCH Torino Powertrain.
The new company will be headquartered in London.
