Renault, Geely clinch deal for internal-combustion joint venture

by geemong Wto Lis 08, 2022 8:14 am

Renault, Geely clinch deal for internal-combustion joint venture

Renault SA and China's Geely said on Tuesday they have agreed to launch a new, equally held joint venture that will supply gasoline engines and hybrid technology to the brands they own as well as to other automakers.

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While it was not immediately clear whether the venture represents a step towards even closer collaboration on gasoline cars between the two companies, it marks a critical step in the French automaker's complex restructuring.

As well as seeking to carve out its internal combustion business, the Renault has been in talks to revamp its alliance with Nissan Motor Co and convince its Japanese partner to invest in its new electric unit.

The scale of the overhaul - encompassing the gasoline engine business it has code-named "Horse" and the electric one code-named "Ampere" - speaks to the pressure automakers now feel from investors and regulators to quicken their embrace of electric vehicles, with Europe having effectively banned combustion engines from 2035.

Renault's joint venture with Geely will employ 19,000 people at 17 powertrain factories and three research and development hubs, the companies said, adding they expect to reach a final agreement and launch the new company in 2023.

The preliminary agreement with Geely, with which Renault has been negotiating in earnest for at least three months, is non-binding, a person with knowledge of the terms told Reuters.