Renault Group and Geely have signed Joint Venture Agreement

Car manufacturers Renault Group and Geely have signed Joint Venture Agreement to produce and supply thermal and hybrid engines.

The joint venture will supply engines to a range of automotive brands worldwide, including Volvo Cars, Proton, Nissan and Mitsubishi Motors.

The new entity, to be based in the UK, will employ 19,000 people and have a turnover of €15 billion.

The joint venture will have two operational centres: Madrid for Horse (Renault Group) and Hangzhou Bay for Geely. The board of directors will be composed in equal proportions of representatives of the two parties.

Luca de Meo, CEO Renault Group:

“Facing today’s automotive challenges, no one can claim to have all the solutions, alone. Coming up with breakthrough innovations requires to combine expertise and assets. When it comes about the global race for decarbonizing road transports, there is no time to lose. Also, it will not be business as usual.  Today, we are proud to join forces with a great company like Geely to set up a new player, up to the challenge, able to disrupt the game and open the way for ultra-low emissions ICE technologies. I want to thank Eric Li Shufu for his trust: we are now ready to move forward!”

Eric Li, Geely Holding Group Chairman, said:

“We are pleased to be embarking on this journey to become a global leader in hybrid technologies, providing low-emission solutions for automakers around the world. We are looking forward to working with Luca de Meo and his Renault team. With this agreement, we reiterate our commitment to leveraging our group-wide technological expertise and brand portfolio to pioneer the journey to greater sustainability and value creation which will lead to better consumer experiences.”

Photo Source: https://media.renaultgroup.com/