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Geely Renault joint venture is in operation!

2024-03-02 Update From: AutoBeta autobeta NAV: AutoBeta > News >

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After the successful marriage of Geely and Renault, its joint venture has made new progress.

Recently, Horse, an internal combustion engine joint venture, has officially started operation. the new company, headquartered in Madrid, Spain, is composed of 9000 former Renault employees, has eight production bases and three research centers, and has an annual production capacity of 3.2 million vehicles, with operations in seven countries, including Argentina, Brazil and Chile.

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Earlier, Renault spun off the electric vehicle and fuel vehicle business, in which the fuel vehicle business was named Horse and the electric vehicle business was named Ampere. In November 2022, Renault signed an agreement with Geely to jointly fund the establishment of a joint venture, each holding a 50% stake in the joint venture. In March, Saudi Aramco plans to take a minority stake in the joint venture in the form of a cash investment.

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Horse, an internal combustion engine joint venture, will integrate the expertise and strengths of Geely and Renault in internal combustion engines, hybrid and plug-in hybrid assemblies, transmission operations and related technologies to develop, manufacture and supply hybrid and efficient internal combustion engine power systems. When launched, the new company will provide products for Renault and Geely brands, including Renault, Dacia, Geely, Volvo, Lectra, Proton, as well as Nissan and Mitsubishi.

For Geely, which is in the electric wave, the establishment of a new joint venture focuses on the internal combustion engine business, which seems to flow against the tide, but as a century-old automobile brand, Renault's technical strength should not be underestimated. Universal joint straight transmission, turbocharged engine, extractable spark plug, detachable wheel, child safety lock and so on all come from Renault's invention, and its fuel vehicle sales are deeply rooted in the European market. There is still a lot to learn from the related technology. Although Renault has suffered repeated setbacks in the Chinese market, the European market and Latin American market have a strong sense of existence. With the deepening of cooperation with Renault, Geely can further shorten the cycle of opening up overseas markets. At the same time, it can also further strengthen Geely's research and development capabilities in internal combustion engine technology, enabling hybrid systems such as Raytheon. Although new energy vehicles are the trend of the times, it does not mean that the era of fuel vehicles is over. At present, new energy vehicles still have many disadvantages, so it is very unlikely that fuel vehicles will be replaced in a short time.

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It is worth noting that its deeper intention is that the new company has not only the internal combustion engine business, but also hybrid and plug-in hybrid assemblies, which is Renault's technological advantage. On the other hand, Renault can also use its influence in Europe to enter the global market. According to the introduction, the new company is expected to cover Europe, Latin America and North America and China, providing solutions for 80 per cent of the global internal combustion engine market, with a turnover of more than 15 billion euros.

Renault firmly established an internal combustion engine joint venture with Geely, to some extent, hoping to speed up the development of electric vehicles. According to the plan, 100% of Renault's cars sold in Europe will be electric vehicles by 2030, fully transforming them into electric car brands. On the other hand, Renault continued to lose out to China, announced the sale of Dongfeng Renault shares in 2020, and the bankruptcy and reorganization of Huachen Renault in 2022, which to some extent showed Renault's disobedience in the Chinese market. the reason is that French culture, automobile products and technology do not adapt to the Chinese market.

Of course, although Renault has repeatedly stressed that it has not withdrawn from the Chinese market, Renault is now delisted in the Chinese market, and it is impossible to know whether working with Geely is the first step in returning to the passenger car market.

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