Renault and Geely Joint Venture to Produce Engines
Renault and Geely have come together to form a new joint venture called Horse Powertrain Limited. This venture will focus on producing internal combustion engines, transmissions, hybrid systems, and batteries. The partnership aims to supply engines to Renault, Geely, Volvo, Proton, Nissan, and Mitsubishi. Here are some key details about this collaboration:
Key Points of the Joint Venture:
- Renault and Geely have finalized their joint venture to create Horse Powertrain Limited.
- The new company will be 50-50 owned by Renault and Geely.
- Horse Powertrain Limited will produce 5 million engines annually.
- The venture is headquartered in London.
Focus on Decarbonization:
The formation of Horse Powertrain Limited is a significant step towards decarbonizing the automotive industry. Renault and Geely believe that a combination of powertrain technologies is essential to achieve this goal. They anticipate that more than half of all vehicles produced will still rely on internal combustion engines by 2040.
Future Plans:
Horse Powertrain Limited will design, develop, produce, and sell hybrid and combustion powertrain solutions. The company will also explore the use of green methanol, ethanol, and hydrogen as part of its future technologies.
Quotes from Executives:
Luca de Meo, Renault’s CEO, stated, “Partnering with a leading company like Geely to create a new player with the capability and expertise to develop ultra-low emission internal combustion engines and high economy hybrid technologies is key for the future.”
Geely chairman Eric Li added, “For the industry to reach net zero emissions in the next decades, global synergies, multiple technologies, and sharing of expertise are crucial.”
Conclusion:
The joint venture between Renault and Geely marks a significant milestone in the automotive industry’s journey towards decarbonization. By combining their expertise and resources, the two companies aim to lead the way in developing sustainable powertrain solutions for the future.
