French car maker Renault, China’s Geely, and Saudi Arabian energy company Aramco are planning to join forces to create a new powertrain technology company dedicated to internal combustion and hybrid powertrain technologies.

In a joint statement, the companies said that Aramco would become a potential minority stakeholder in the new powertrain technology company, with Geely and Renault Group expected to retain equal equity stakes in the new independent entity.

Aramco’s investment would support the growth of the company and ‘contribute to key research and development across synthetic fuels solutions and next-gen hydrogen technologies.’

The planned company is intended to be a standalone global supplier with a combined capacity of over five million internal combustion, hybrid and plug-in hybrid engines and transmissions per year, the companies said.

“This partnership with Aramco will raise our joint Powertrain company together with Geely Group to the next level and give it a head start in the race towards ultra-low-emissions ICE powertrain technology,” said Luca de Meo, CEO of Renault Group. “Aramco’s entry brings to the table unique know-how that will help develop breakthrough innovations in the fields of synthetic fuels and hydrogen.”

Source: Motor Trader e-Magazine (Mar 2023)

14 March 2023