Cars, joint venture between Renault and China's Geely for heat engines launched

Renault and Chinese giant Geely have announced the official launch of their joint venture dedicated to thermal engines, Horse. After approval by the 'competent authorities', the partners explain in a press release, Horse Powertrain Limited, based in London, will be born. Renault and Geely will each hold 50 per cent. Horse will design, manufacture and sell engines, transmissions and batteries for thermal and hybrid cars, which still account for almost all sales outside Europe and China. It will have around 19,000 employees spread across 17 production sites and 5 research centres, with an expected annual turnover of EUR 15 billion. Renault and Geely have transferred the intellectual property of their engines to the JV.

The company, whose birth was widely announced, will supply many industrial customers, including the Renault Group, Geely Auto, Volvo Cars, Proton, Nissan and Mitsubishi Motors Company. The company is ready to collaborate with customers and partners around the world to offer complete powertrain technology solutions and acquire partners to strengthen value chain coverage. In fact, it should be remembered that the Chinese Geely group has for many years controlled Volvo cars, the Polestar brand (which, however, only produces electrich cars on a par with brands such as Zeekr

"Today marks an important step towards tackling one of the biggest challenges facing the automotive industry: the decarbonisation of road transport," says Luca de Meo, CEO of Renault Group. Partnering with a leading company like Geely to create a new player with the skills, know-how and expertise needed to develop ultra-low emission thermal powertrain and high-saving hybrid technologies is of fundamental importance for the future. With HORSE Powertrain, the Renault Group can gain leadership and global reach in a sector that accounts for more than 80% of its sales. Together, we will meet the challenge of decarbonisation by putting innovation at the forefront of our activities.

Horse Powertrain Limited is aiming for world leadership in hybrid and thermal powertrains, with 5 million powertrains expected per year. In addition, it offers coverage of all types of hybrid solutions: Full Hybrid and Plug-in Hybrid with high range, as well as internal combustion engines using alternative fuels such as ethanol, methanol, LPG, CNG and hydrogen.

Horse's global governance structure and strategic appointments are as follows .