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The annual income is nearly 15 billion euros! Geely Renault new joint venture established

2024-06-25 Update From: AutoBeta NAV: AutoBeta > News >


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After the marriage between Geely and Renault, the joint venture between the two parties was finally established! On May 31, Geely Holding Group and Renault Group jointly issued an announcement stating that the powertrain joint venture between the two parties, HORSE Powertrain, was officially established and will be headquartered in London, UK, with Matias Giannini as CEO, Renault and Geely Motors each holds 50%.

According to a statement from the Renault Group, the joint venture company is expected to have annual revenue of nearly 15 billion euros (approximately 116.55 billion yuan) and annual output of powertrain units is approximately 5 million units, providing global partners with a complete portfolio of powertrain technology including hybrid systems, internal combustion engines, gearboxes and battery solutions. According to previous statements, the joint venture company will employ 19000 employees in 22 locations around the world, mainly in Spain, Romania, Turkey, South America and China.

Earlier, Renault divested its electric vehicle and fuel vehicle business. The fuel vehicle business was named Horse and headquartered outside France, and the electric vehicle business was named Ampere and headquartered in France. In November 2022, Geely Holding Group announced that it had signed a non-binding framework agreement with Geely Automobile and Renault Group, and decided to establish a new company to develop, manufacture and supply advanced hybrid powertrains and efficient fuel powertrains globally. According to the plan, the new company has an annual production capacity of 5 million units. Its products include fuel engines, hybrid engines, plug-in hybrid engines and gearboxes, and will supply markets in more than 130 countries and regions.

On July 11, 2023, Geely and Renault signed a joint venture agreement. Each party holds a 50% stake in the joint venture company. The new company is committed to becoming a leader in the next generation of efficient and energy-saving hybrid powertrain solutions, developing, manufacturing and supplying advanced hybrid powertrains and efficient fuel powertrains on a global scale. At that time, the announcement stated that in the initial stage of operation of the new company, the new company would ensure business continuity through two operation centers, of which the Renault operation center is located in Madrid and the Geely operation center is located in Hangzhou Bay. In addition, the new company's headquarters is planned to be located in the UK, and a management team will be set up to integrate operations, seek synergies, and determine future development plans.

Renault is firmly committed to establishing an internal combustion engine joint venture with Geely, and to a certain extent it also hopes to accelerate the development of electric vehicles. In general, Renault and Geely have cooperated to establish an internal combustion engine joint venture, which is a win-win situation for both parties. For Renault, this is another rebirth in the Chinese market, which can help it accelerate the development of electric vehicles. For Geely, as the leading car company of Chinese brands, Geely's electrification has fallen far behind the industry's leading level. This cooperation can also accelerate electrification technology and help it use global resources to develop and update technologies.

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