Reported 9 months ago
Saudi Aramco, an oil producer, is set to purchase a 10% stake in a joint venture named Horse Powertrain, formed by French carmaker Renault and Chinese automaker Geely, at a value of 7.40 billion euros. The powertrain venture will focus on providing gasoline engines, hybrid systems, and gearboxes for thermal vehicles. This strategic investment by Aramco aims to stabilize investments in traditional automakers amidst the ongoing shift towards electric vehicles in the global market.
Source: YAHOO