Geely and Renault Group sign agreement to develop low-emission engines and transmissions
Geely Holding Group, Geely Automobile Holdings Limited and Renault Group have signed a non-binding framework agreement aimed at creating a new world leader to develop, produce and supply the best energy-efficient hybrid and thermal powertrains.
With this framework agreement, Geely and Renault Group will each hold 50% of the shares of the new company.
The new company will be a stand-alone global supplier, producing next-generation hybrid powertrains and developing decarbonized and low-emission technologies from five global R&D centers. When launched, the new company is expected to supply several industrial customers, including Renault, Dacia, Geely Auto, Volvo Cars, Lynk & Co, Proton, as well as Nissan and Mitsubishi Motors Company. The partnership could subsequently supply powertrains to other manufacturers.
The new company is expected to operate 17 powertrain mechanical plants on 3 continents, employing a total of approximately 19,000 people. It will have a combined capacity of more than 5 million transmissions and internal combustion engines, hybrids and plug-in hybrids per year to serve more than 130 countries and regions. The combined product portfolio of Geely and Renault Group and the geographic footprint of the combined company could provide solutions for 80% of the global ICE market.
The announcement of this agreement coincides with Renault Group’s Capital Market Day in Paris, during which the group presented a series of initiatives aimed at accelerating its transformation and presenting its medium-term financial objectives.
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