# Renault and Geely sign $8.8B joint venture for powertrain company

Renault SA and Zhejiang Geely Holding Group Co. signed a joint venture agreement to create a new combustion engine and hybrid powertrain company, valued at around €8 billion ($8.8 billion). The venture, named Horse by Renault, will have 17 plants and 19,000 employees, with headquarters in the UK.

- Type: Partnership
- Announced: 2023-07-11
- Where: United Kingdom (headquarters), United Kingdom
- Value: $8.80B
- Jobs: 19,000
- Status: announced
- Capacity: more than 5 million engines per year
- Products: combustion engines, hybrid powertrains, synthetic fuels
- Sectors: [Automotive Components](https://endata.com/sectors/automotive-components.md)

## Companies

- [Saudi Aramco](https://endata.com/companies/304.md) (investor)
- [Renault](https://endata.com/companies/20691.md) (partner)
- [Zhejiang Geely Holding Group](https://endata.com/companies/24488.md) (partner)

## Sources

- [ttnews.com](https://www.ttnews.com/articles/renault-geely-sign-powertrain), 2023-07-11: "The tie-up is worth around 8 billion euro ($8.8 billion) through the combination of Renault and Geely’s contributions."

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