Renault Group and Geely announce the creation of “HORSE Powertrain Limited”
London, May 31, 2024 , (Oilandgaspress) ––Following the joint venture agreement signed on July 11, 2023, and after having obtained the approval of the relevant authorities, Renault Group, Geely Holding Group (Geely Holding), Geely Automobile Holdings Limited (Geely Auto) (collectively referred to above as “Geely”) have officially created HORSE Powertrain Limited, headquartered in London, United Kingdom.
Renault Group and Geely believe that a combination of various powertrain technologies is necessary, including highly efficient internal combustion engines (ICE), lower carbon e-fuels, and hydrogen, to achieve a successful decarbonization in a world where more than half of vehicles produced are expected to still rely on combustion engines by 2040. HORSE Powertrain Limited will design, develop, produce, and sell all hybrid and combustion powertrain solutions and systems with state-of-the-art technologies including engines, transmissions, hybrid systems and batteries.
Thanks to this project, both Renault Group and Geely will benefit from immediate scale effect and market coverage enhancement. Supported by the transfer of Intellectual Property from Renault Group and Geely, HORSE Powertrain Limited is now fully autonomous in developing future powertrain technologies capable of addressing all market expectations, notably in the field of alternative fuels such as green methanol, ethanol, and hydrogen. The joint venture’s complementary product portfolio and regional footprint could offer solutions for 80% of the growing global hybrid & combustion powertrain market.
HORSE Powertrain will supply multiple industrial customers including Renault Group, Geely Auto, Volvo Cars, Proton, Nissan and Mitsubishi Motors Company. The company is ready to engage with customers and partners around the world to support them with end to end solutions in powertrain technologies and will welcome partners to further strengthen the value chain.
From Day One of its establishment, HORSE Powertrain Limited is worldwide leader in hybrid and combustion powertrain solutions with:
17 global plants
9 customers in 130 countries
5 R&D centers
c.19,000 employees
expected c. €15 billion in yearly revenues
expected c.5 million units powertrain per year
All types of hybrid solutions covered – full hybrids and long-range plug-in hybrids as well as internal combustion engines that use alternative fuels such as ethanol, methanol, LPG, CNG, H2 etc.
Governance structure
Renault Group and Geely, as funding shareholders of the powertrain company, have approved the global governance scheme as well as strategic appointments of HORSE Powertrain Limited.
Matias Giannini is appointed CEO of HORSE Powertrain Limited.
Lee Ma and Juan Ferrera are respectively appointed Chief Financial Officer and Chief Human Resources Officer of HORSE Powertrain Limited.
The management of the two subgroups Aurobay and Horse, bringing together the industrial know-how and assets of both companies remains unchanged: Ruiping Wang as CEO of Aurobay, based in Hangzhou Bay (China), Patrice Haettel CEO of Horse based in Madrid (Spain). They will directly report to Matias Giannini.
The board of directors of HORSE Powertrain Limited is composed of 6 members:
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