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Geely will include eight powertrain plants in China and one in Sweden in its future combustion engine joint venture with Renault and Saudi Aramco, two sources close to the matter said.
Code-named “Horse” by Renault and “Rubik” by China’s Geely, the JV was signed in November last year to develop more efficient gasoline engines and hybrid systems at a time when the auto industry is focused on the capital-intensive transition to battery electric vehicles.
Renault and Geely want the JV to become a leading combustion engine and hybrid engine supplier for the car industry by the end of 2023, with a workforce of 19,000 and 15 billion euros ($16.3 billion) in annual revenue.
Renault has previously said the Horse project will have 17 plants — eight from the French carmaker in Latin America, Europe and Turkey — and nine from Geely.
Two people told Reuters on Wednesday that eight of the nine plants coming from Geely and Aurobay are based in China and one is in Skovde, Sweden. Aurobay is a combustion engine unit created by Volvo Cars and Geely in 2021 that is now fully owned by Geely.
Global r&d
The future JV will also have two Geely-Aurobay research and development centers, one in Hangzhou Bay in China and the other in Gothenburg in Sweden. Renault will bring three R&D centers in Europe and Latin Americat o the JV.
“It shows the footprint is very complementary and globally balanced,” one source told Reuters.
A spokesperson for Geely Europe declined to comment.
Geely will bring all of its engine and transmission plants to the JV, but not its electric powertrains.
Geely and Renault have said the JV should have an annual production capacity of more than five million internal combustion, hybrid and plug-in hybrid engines and transmissions.
Saudi Aramco will provide know-how on e-fuels and hydrogen.
Renault’s EV technology will remain separated from Horse and become the core of its future “Ampere” unit.
Renault’s strategy to get back into the electrification race includes a public listing for Ampere, which could take place later this year.