RENAULT GROUP: Renault Group and Geely Sign Joint Venture Agreement
to Launch Leading Powertrain Technology Company
Renault
Group and
GeelySign Joint Venture Agreement
to LaunchLeading Powertrain
Technology Company
- Renault
Group and Geely
signed a joint venture
agreement, with each entity
holding 50% stake in the new company,
which aims to become the leader in next-generation
hybrid and highly efficient powertrain solutions to meet worldwide
demand for the years to come.
- As
announced on March 2, 2023 following the letter of intent signed
between Aramco, Geely and Renault
Group, Aramco is evaluating a strategic investment in this new
powertrain technology company.
-
The new company will include 17 engine
plants and 5 R&D centers in 3 continents with 19,000 employees
in a full fledge effective organization
strategically
structured to provide PWT
solutions for multiples OEMs and with an
attractive business model to welcome new
partners.
- Share
capital ownership of the joint venture company will be
co-controlled by both Renault
Group and Geely.
- The
joint venture company aims to have an annual production capacity up
to five million internal combustion, hybrid and plug-in hybrid
engines and transmissions per year. It will supply multiple brands
worldwide with a complete range of best-in-class
powertrains.
- The
completion of the transaction is expected to take place in H2 2023
and remains subject to the conditions normally applicable to this
type of transaction, in particular the prior approval of the
relevant antitrust and foreign direct investment
authorities.
Hangzhou, Hong Kong SAR, China and
Boulogne-Billancourt, France – July 11,
2023 – Following the framework agreement
announced in November 2022, Geely Holding Group (Geely Holding),
Geely Automobile Holdings Limited (Geely Auto HK.0175)
(collectively referred to above as “Geely”) and Renault Group have
signed today a binding 50/50 joint venture agreement to launch a
new powertrain technology company that aims to become the global
leader in developing, manufacturing, and supplying best-in-class
hybrid powertrains and highly efficient ICE powertrain.
Aramco, which signed letter of intent with
Renault and Geely on March 2, 2023, is evaluating a strategic
investment in this new powertrain technology company. Aramco’s
investment would support the growth of the company and contribute
to key research and development across synthetic fuels solutions
and next-gen hydrogen technologies. Synthetic fuels including
e-fuels, and hydrogen are part of the solution for decarbonation in
the automotive industry, including for the ICE vehicles on the road
today.
The joint venture will be jointly led by Renault
Group and Geely, with equal board members to formulate and execute
strategies and set the direction for the joint venture. The initial
organization will secure the continuity of the business with two
operational centers in charge of the respective operations: Madrid
for Renault Group and Hangzhou Bay for Geely. An executive team
will be based in the headquarters of the new company, which is
intended to be established in the UK, to consolidate operations,
build on synergies, and define future plans.
Renault Group and Geely will transfer
Intellectual Property to the operational centers enabling them to
be fully autonomous in developing future powertrain technologies
capable of addressing all market expectations. The new joint
venture’s complementary product portfolio and regional footprint
could offer solutions for 80% of the global ICE and hybrid market.
At launch, the new company is expected to supply multiple
industrial customers including Renault Group, Geely Auto, Volvo
Cars, Proton, Nissan, Mitsubishi Motors Company, and PUNCH Torino.
In the future, the joint venture will be capable of providing end
to end solutions in powertrain technologies to third-party car
brands and will welcome partners to further strengthen the value
chain.
Subject to applicable laws and regulations,
Geely Auto and Renault will enter into a long term procurement
agreement from the joint venture for ICE, hybrid and plug-in
hybrids powertrains (engine and transmissions) for passenger
vehicles. In addition, Renault will procure powertrains from the
joint venture for light commercial vehicles as well as the
development of hybrid batteries.
Luca de Meo, CEO Renault
Group:
“Facing today’s automotive challenges, no one
can claim to have all the solutions, alone. Coming up with
breakthrough innovations requires to combine expertise and assets.
When it comes about the global race for decarbonizing road
transports, there is no time to lose, and it will not be business
as usual. Today, we are proud to join forces with a great company
like Geely to set up a new player, up to the challenge, able to
disrupt the game and open the way for ultra-low emissions ICE
technologies. I want to thank Eric Li Shufu for his trust: we are
now ready to move forward!”
Eric Li, Geely Holding
Group Chairman,
said:
“We are pleased to be embarking on this journey
to become a global leader in hybrid technologies, providing
low-emission solutions for automakers around the world. We are
looking forward to working with Luca de Meo and his Renault team.
With this agreement, we reiterate our commitment to leveraging our
group-wide technological expertise and brand portfolio to pioneer
the journey to greater sustainability and value creation which will
lead to better consumer experiences.”
RENAULT
GROUP PRESS CONTACT |
Frederic Texier+33 6 10 78 49
20frederic.texier@renaut.com |
Rie Yamane +33 6 03 16 35
20rie.yamane@renault.com |
RENAULT
GROUPINVESTOR RELATIONS |
Philippine de Schonen+33 6 13 45 68
39philippine.de-schonen@renault.com |
|
GEELY
HOLDINGPRESS CONTACT |
Frank KlaasFrank.Klaas@geely.com |
ELAINE LIN
Jing.Lin1@geely.com |
About Renault Group Renault
Group is at the forefront of a mobility that is reinventing itself.
Strengthened by its alliance with Nissan and Mitsubishi Motors, and
its unique expertise in electrification, Renault Group comprises 4
complementary brands - Renault, Dacia, Alpine and Mobilize -
offering sustainable and innovative mobility solutions to its
customers. Established in more than 130 countries, the Group has
sold 2.1 million vehicles in 2022. It employs nearly 106,000 people
who embody its Purpose every day, so that mobility brings people
closer.
Ready to pursue challenges both on the road and
in competition, Renault Group is committed to an ambitious
transformation that will generate value. This is centered on the
development of new technologies and services, and a new range of
even more competitive, balanced, and electrified vehicles. In line
with environmental challenges, the Group’s ambition is to achieve
carbon neutrality in Europe by 2040.
More information :
https://www.renaultgroup.com/en/
About Zhejiang Geely Holding
Group
Zhejiang Geely Holding Group (Geely Holding) is
a global automotive group that owns several well-known
international automotive brands, with operations spanning the
automotive value chain, from research, development and design to
production, sales and servicing.
Founded in 1986 by Eric Li, the company’s
Chairman, in the city of Taizhou in China’s Zhejiang province,
Geely Holding launched its automotive business in 1997 and is now
headquartered in Hangzhou, China. Today, Geely Holding operates a
number of brands including Geely Auto, Lynk & Co, ZEEKR,
Geometry, Volvo Cars, Polestar, Lotus, London Electric Vehicle
Company, Farizon Auto, and Cao Cao Mobility.
Geely Holding sold over 2.3 million vehicles in
2022, with Volvo Cars sales reaching 615,121 units globally and
Geely Auto Group's Hong Kong listed entity reporting sales reaching
1,432,988 units.
Geely Holding employs over 120,000 people
globally, and has been listed in the Fortune Global 500 for the
past eleven years.
For more information regarding Zhejiang Geely
Holding Group please refer to the official website at
www.zgh.com
About Geely Automobile Holdings
Limited
Geely Automobile Holdings Limited (the “Company”
and its subsidiaries, collectively the “Group”) (SEHK stock code:
175) is an automobile manufacturer, focusing on development,
manufacturing and sales of passenger vehicles. The Group sells most
of its products in the China market and has also expanded its sales
through export to other countries in the past few years. The Group
has production bases in various parts of the mainland China, with
more than 40,000 employees. The Company is listed on the main board
of The Stock Exchange of Hong Kong Limited (“SEHK”) and is a
constituent of the Hang Seng Index since 2017. The controlling
shareholder of the Company is Zhejiang Geely Holding Group.
- 20230711_Renault Group and Geely binding agreement_EN
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