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Renault and Geely Establish Powertrain Joint Venture to Drive Future Automotive Technologies
Global automakers Renault and Geely have launched a new powertrain cooperation dubbed HORSE Powertrain Limited that aims to be a leading provider of combustion engines, transmissions and hybrid systems worldwide.
Following the July 11th joint venture agreement receiving regulatory approval, Renault and Geely have officially established HORSE with its headquarters in London, United Kingdom. As part of the broader partnership, Geely will also assist Renault's Alpine division in reinventing itself for the future.
HORSE Powertrain Limited will be responsible for designing, developing, manufacturing and selling all engine, transmission and electrified solutions using cutting-edge technologies. From day one, HORSE will have a global production footprint spanning 17 plants across multiple continents. It will also serve 9 OEM customers in 130 countries through 5 research and development centers. In total, the new venture is projected to employ nearly 20,000 staff while achieving annual revenues of €15 billion and manufacturing over 5 million powertrain systems each year.
Renault and Geely promise widespread coverage of all hybrid types including full hybrids and long range plug-in hybrids. Their combustion engines will utilize alternative fuels such as ethanol, methanol, LPG, CNG and hydrogen as the automotive industry transitions away from fossil fuels. With over half of vehicles expected to still use internal combustion engines by 2040, the partners recognize the need to combine multiple technologies to achieve decarbonization goals and transform the market through extremely low emission hybrid and combustion solutions.
"This partnership with a leading company like Geely will enable us to create a new player with the required capabilities, know-how and expertise to develop very low emission thermal technologies and highly efficient hybrids - essential for the future," says Renault CEO Luca de Meo.
HORSE Powertrain Limited will supply not only Renault and Geely brand vehicles, but also established automakers like Volvo Cars, Proton, Nissan and Mitsubishi Motors Corporation. The company aims to serve customers and partners globally and expects to welcome additional stakeholders to broaden its value chain coverage over time.