Renault, China's Geely announced powertrain joint venture
Renault SA and China’s Geely say they plan to launch a joint venture to produce gasoline-powered and hybrid powertrains, adding to a series of partnerships between global automakers to share soaring technology costs
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.Renault SA and China's Geely announced plans Tuesday for a jointly owned venture to produce gasoline-powered and hybrid powertrains, adding to a series of partnerships between global automakers to share soaring technology costs.
The venture will have 17 plants with annual production capacity of 5 million powertrains, five research and development centers on three continents and some 19,000 employees, the companies said. They gave no financial terms but said each partner will own half of the venture.
It will supply brands owned by or linked to Renault and Geely including Nissan, Mitsubishi, Volvo Cars, Renault, Dacia, Geely Auto, Lynk & Co. and Proton, the companies said. They said it might later supply third-party brands.
Global automakers have been forming partnerships over the past decade to share the multibillion-dollar development costs of electric vehicles and more efficient gasoline engines.
The Renault-Geely agreement will “enable the creation of a global leader in hybrid technologies to provide highly efficient advanced solutions for automakers around the world,” Eric Li, chairman of Geely Holding Group, said in a statement.