Carmakers Renault and Geely have announced a joint venture to build engines for hybrid and gasoline-powered vehicles, with the partners investing a maximum of €7 billion ($7.7 billion) in total.
Renault said Tuesday that, together with its Chinese counterpart, it planned to create a new company that aimed to produce up to five million internal combustion, hybrid and plug-in hybrid engines and transmissions a year.
The new firm “aims to become the leader in next-generation hybrid and highly efficient powertrain solutions to meet worldwide demand for the years to come,” Renault said in a statement.
Renault and Geely expect the new company to supply engines and other components to several global auto brands, including Volvo, Nissan and Mitsubishi, as well as for their own cars.
The firm, expected to employ 19,000 people, will have 17 factories and five research and development centers spanning three continents, Renault said.
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