Reported 4 months ago
Renault and Geely have established a joint venture named HORSE Powertrain to develop more efficient gasoline engines and hybrid systems in an effort to enhance the competitiveness of their traditional auto business. The collaboration aims to address the growing demand for low-emission powertrains as electric vehicle sales slow down, with a focus on achieving successful decarbonization in a world where combustion engines are still expected to dominate vehicle production by 2040. The venture, expected to generate around 15 billion euros in annual revenue and produce about five million powertrain units per year, will be led by Matias Giannini as CEO and overseen by Geely Holding CEO Daniel Li as chairman of the board.
Source: YAHOO