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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.

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