The global headquarters of a new ICE powertrain technology company formed by Renault and Geely will be based in the UK. The new company aims to become the “global leader” in developing, manufacturing and supplying "best-in-class" and highly efficient hybrid, petrol and diesel powertrains, as the wider Renault and Geely groups work to electrify their model ranges. The firms will invest up to €7.0 billion as part of this development work, the BBC has reported.
The Renault Group has previously pointed to a predicted annual growth rate of 2% in the ICE and hybrid segments until 2030, with markets such as Latin America, India, South Korea and North Africa still favouring ICE vehicles. As reported, Saudi Arabian oil giant Aramco is also poised to take a significant stake in the new ICE-powertrain technology, but this has yet to be confirmed.