Renault Group and Geely Holding Group have announced the official creation of HORSE Powertrain Limited as a new joint venture for hybrid and combustion powertrain components and systems. This follows the agreements signed on July 11, 2023, and the necessary approvals from relevant authorities. Both companies hold a 50% stake in the newly established entity.
HORSE Powertrain Limited aims to lead in developing advanced powertrain technologies, including hybrid systems, internal combustion engines, transmissions, and battery solutions. The newly formed company is positioned to address the growing global demand for low-emission vehicles, leveraging its extensive portfolio and innovative solutions.
Matias Giannini has been appointed CEO of HORSE Powertrain Limited, with Daniel Li, Vice Chairman of Geely Auto and CEO of Geely Holding, serving as Chairman of the Board. The board includes six directors, equally representing both Renault and Geely.
HORSE Powertrain Limited will be headquartered in London and will operate 17 global plants, five R&D centres, and employ approximately 19,000 people. The company’s extensive reach includes nine customers across 130 countries, with significant clients such as Renault Group, Geely Auto, Volvo Cars, Proton, Nissan, and Mitsubishi Motors Company.
The new company is set to provide comprehensive powertrain solutions that cater to the diverse needs of global markets, including the use of alternative fuels such as ethanol, methanol, LPG, CNG, and hydrogen.
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