# Renault Group and Geely sign joint venture for powertrain technology company

Renault Group and Geely signed a binding 50/50 joint venture agreement to launch a new powertrain technology company. The company will include 17 engine plants and 5 R&D centers, aiming for annual production capacity of up to 5 million engines and transmissions. Aramco is evaluating a strategic investment.

- Type: Acquisition
- Announced: 2023-07-11
- Jobs: 19,000
- Status: announced
- Capacity: 5 million engines and transmissions per year
- Products: hybrid powertrains, internal combustion engines, plug-in hybrid engines, transmissions
- Sectors: [Automotive Components](https://endata.com/sectors/automotive-components.md)

## Companies

- [Aramco](https://endata.com/companies/2946.md) (investor)
- [Renault](https://endata.com/companies/20691.md) (partner)
- [Geely Holding](https://endata.com/companies/25757.md) (partner)
- [Geely Automobile Holdings](https://endata.com/companies/27939.md) (partner)

## Sources

- [newsroom.geely.com](https://newsroom.geely.com/geely-renault-sign-joint-venture-agreement-launch-powertrain-technology-company), 2023-07-11: "Renault Group and Geely signed a joint venture agreement, with each entity holding 50% stake in the new company"

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Data from Endata (https://endata.com/). Announcements are summarized from public sources and may be incomplete; check the linked originals.