GELYY Geely Automobile Holding Ltd (PK)

   By Giulia Petroni 
 

Renault and Geely have created a 50-50 joint venture to set up a powertrain-technology company.

The French car maker said on Tuesday that the JV targets an annual production capacity of up to five million internal combustion, hybrid and plug-in hybrid engines and transmissions.

The company will supply multiple brands worldwide, including Volvo Cars, Proton, Nissan and Mitsubishi Motors. The headquarter will be in the U.K.

Completion of the transaction is expected to take place in the second half of the year, subject to authorities approvals, Renault said.

Oil giant Aramco, which signed a letter of intent with Renault and Geely on March 2, is evaluating a strategic investment in the JV.

Write to Giulia Petroni at giulia.petroni@wsj.com

(END) Dow Jones Newswires

July 11, 2023 01:31 ET (05:31 GMT)

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