Geely and Renault Form Joint Venture in Powertrain

TapTechNews May 31th news, Geely Holding Group officially announced that Geely and Renault Group have signed a joint venture agreement on July 11th, 2023. The establishment of the joint venture company has been approved by the relevant authorities and will be officially established on May 31th, 2024. Both Geely and Renault Group hold 50% of the shares in the new company, and the headquarters is located in London, UK.

Matias Giannini has been appointed as the CEO of HORSEPowertrain Limited, and the board of directors consists of 6 directors from both shareholders. Li Donghui, the CEO of Geely Holding Group, serves as the chairman of HORSEPowertrain Limited.

The new company will develop hybrid and fuel powertrain technologies, components, and systems. It is expected to achieve an annual revenue of approximately 15 billion euros (TapTechNews note: currently about 117.75 billion yuan RMB) and an annual production capacity of approximately 5 million powertrain sets. It is committed to providing the entire set of powertrain technical products to global partners, including hybrid power systems, fuel power systems, transmissions, and battery solutions, etc.

Geely Holding Group said that with a complementary product portfolio and a global business layout, the products of the new company can cover about 80% of the global hybrid and fuel-powered automotive market demand.

HORSEPowertrain Limited will serve multiple brands, including Renault Group, Geely Automobile, Volvo Cars, Proton, Nissan, and Mitsubishi Motors Corporation. In the future, the new company will provide end-to-end power system solutions for more global automotive brands.