Saudi Press

Saudi Arabia and the world
Wednesday, Jul 24, 2024

Aramco Acquires 10% Stake in Renault-Geely Joint Venture

Aramco Acquires 10% Stake in Renault-Geely Joint Venture

Saudi Aramco has acquired a 10 percent stake in Horse Powertrain, a joint venture between Renault and Geely, valuing the entity at one dollar 7.93 billion. The venture will supply gasoline engines, hybrid systems, and gearboxes. Aramco's investment aims to stabilize legacy automakers and promote efficient, lower-carbon emission technologies globally.
Saudi Aramco has acquired a 10 percent stake in Horse Powertrain, a thermal engines joint venture between French carmaker Renault and Chinese automaker Geely.

The deal values the venture at €7.40 billion (one dollar 7.93 billion). Both Geely and Renault will each hold around 45 percent of the venture. Horse Powertrain will supply gasoline engines, hybrid systems, and gearboxes.

Renault CEO Luca de Meo described the partnership as a 'dream team' aimed at reinventing combustion-engine and hybrid technologies.

Aramco's investment is expected to stabilize legacy automakers and contribute to the development of efficient, lower-carbon engines globally, according to Ahmad O.

Al-Khowaiter, Aramco's Executive Vice President of Technology and Innovation. The stake also emphasizes innovation to help reduce transport greenhouse gas emissions. Horse Powertrain was officially established on May 31.
Newsletter

Related Articles

Saudi Press
0:00
0:00
Close
World's Hottest Day Recorded on July 21
Sri Lanka Apologizes for Forced Cremation of Muslim Covid Victims
President Biden Returns to White House After Testing COVID Negative
Trump Says Kamala Harris Would Be Easier Election Opponent Than Biden
4.7 Magnitude Earthquake Strikes Northwestern Turkey
Hacking Vulnerabilities: Androids vs. iPhones
Israel Conducts First Direct Air Raid on Yemen's Hodeidah Port
Joe Biden Withdraws from 2024 US Presidential Race
A Week of Turmoil: Key Moments in US Politics
Elon Musk's Companies Drop CrowdStrike After Global Windows 10 Outage
US Criticizes International Court's Opinion on Israeli Occupation
Netanyahu Denounces World Court Ruling on Israeli Occupation
Adidas Drops Bella Hadid Over Controversy
Massive Flight Cancellations Across the U.S. Due to Microsoft Outage
Russia Accuses Ukraine of Using Chemical Weapons
Ursula von der Leyen Wins Second Term as European Commission President
Japan to Allocate $3.3 Billion to Ukraine Using Frozen Russian Assets
Google and Microsoft Now Consume More Power Than Several Large Countries
Increased Security for Trump After Assassination Threat
New AI Chipset Set to Revolutionize ChatGPT
Thai-Saudi Investment Roadshow Yields 100 Partnerships
Trump Media Shares Surge Following Re-Election Bid Boost
Russia's Electronic Warfare Neutralizes Western Weapons in Ukraine
Trump Challenges Biden to Debate and Golf Match
Macron Accuses Israeli Minister of Election Interference
US Senator Highlights Weaknesses in Western Military Industry During Ukraine Conflict
George Clooney Urges Biden to Withdraw from Presidential Race
Political Shift in the UK: A Detailed Analysis of Labour's Victory and Future Prospects
Viktor Orbán's Peace Mission: A Diplomatic Controversy in the EU
UAE Court Sentences 43 to Life Imprisonment Over Terrorist Links
Spain PM Pedro Sanchez Denounces Double Standards on Gaza at NATO Summit
Biden Affirms Commitment To Presidential Race
Putin Hosts PM Modi for a Private Meeting
2024 Predicted to Be World's Hottest Year
Iran's President-Elect Masoud Pezeshkian Reiterates Support for Hezbollah
Biden Insists on Continuing Presidential Race Amid Criticism
Macron Faces New Political Challenges Despite Election Relief
US Officials Resign Over Biden's Gaza Policy
Campaigners Push for Emergency Uplift Visa for Palestinians Escaping Gaza Conflict
Netanyahu Criticizes Release of Gaza Hospital Head
UK Government and British Airways Sued Over 1990 Kuwait Hostage Incident
Afghan Women's Rights Declared Internal Issue by Taliban
UK Appeals to ICC May Delay Arrest Warrants for Israeli Leaders
ZATCA Allows Non-citizens to Participate in Auctions
UK Investors Encouraged to Enter Saudi Sports Market
Saudi Arabia's Remarkable Position for Sustained Economic Growth
Iran's Presidential Election: A Close Race
Iran Threatens Retaliation if Israel Attacks Lebanon
EU Enforces Sanctions on Hamas Financiers
Turkey Removed from Financial Watchdog's Grey List
×