Renault Group and Geely Holding Group HORSE Powertrain LimitedThey announced that they established . This company is headquartered in London.
In the joint statement made on this subject, the following was stated: “Following the agreement signed by Renault Group and Geely on July 11, 2023 and the approvals received from the relevant authorities, HORSE Powertrain Limited, with both groups holding 50% shares in the new company, was officially established on May 31, 2024. HORSE Powertrain Limited will lead the market in powertrain components and systems with hybrid and internal combustion engines. The CEO of HORSE Powertrain Limited will be Matias Giannini, while the board of directors will be chaired by Daniel Li. Additionally, there will be 6 directors on the board of directors with equal representation of shareholders. HORSE Powertrain Limited is targeted to reach annual revenues of approximately 15 billion Euros and annual production of approximately 5 million powertrain units. “From day one, the company will have a complete portfolio of cutting-edge powertrain technologies for global partners, including hybrid systems, internal combustion engines, transmissions and battery solutions.”
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Renault Group CEO Luca de Meo said the following on the subject: “Today, an important step has been taken in decarbonizing road transport, one of the biggest challenges facing the automotive industry. Creating a new player with the capability and expertise to develop ultra-low-emission internal combustion engines and high-economy hybrid technologies by partnering with a leading company like Geely is key for the future. Thanks to HORSE Powertrain, Renault Group can achieve global leadership in a sector that represents more than 80% of its business. Together, we will meet the challenge of decarbonization with innovation embedded in our priority activities.”
Geely Holding Chairman Eric Li said: “Global synergies, multiple technologies and expertise sharing are of great importance for the sector to reach net zero emissions in the coming years. We are therefore pleased that our partnership with Renault Group has reached commercial reality today. HORSE Powertrain Limited has the portfolio, scale and capacity to deliver the low-emission solutions demanded by tomorrow’s automotive industry. Today’s launch opens a new chapter in sustainable mobility, and at Geely we are proud to be a part of it.”