Geely Automobile Holdings Ltd and Renault SA signed a joint venture to engage in the powertrain business, the Chinese automaker said on Tuesday.
Reuters in late-March reported that Renault and Geely want their JV to become a leading combustion engine and hybrid engine supplier for the car industry by the end of 2023, with a workforce of 19,000 and 15 billion euros in annual revenue. Geely, via its subsidiary Aurobay Holding, will hold 33 per cent of the joint venture, 50 per cent will be owned by Renault and the remaining stake will go to GHPT Ltd, a subsidiary of Geely Holding, the company said in a statement.
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