Aramco has signed a letter of intent to become a potential minority shareholder of the new power train (PWT) company, to be created from Geely Holding Group (Geely Holding), Geely Automobile Holdings Limited (Geely Auto HK.0175) – below collectively referred to as “Geely” – and Groupe Renault. The new company will focus on thermal and hybrid powertrain technologies.
Aramco’s investment will be used to support the company’s growth and contribute to research and development activities, with particular reference to synthetic fuel-based solutions and future generation hydrogen engines. Geely and Groupe Renault are expected to maintain equal shares in the newly independent company.
With a worldwide network of 17 powertrain plants and 5 R&D centers located on 3 continents, the future company will be a fully-fledged worldwide supplier and have a total capacity of more than 5 million internal combustion, hybrid and hybrid engines and transmissions plug-ins per year to supply over 130 countries and regions.