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

Renault Group and Geely signed a binding 50/50 joint venture agreement to launch a new powertrain technology company, aiming to become a global leader in hybrid and efficient ICE powertrains. The joint venture will include 17 engine plants and 5 R&D centers, with annual capacity up to 5 million engines and transmissions.

- Type: Acquisition
- Announced: 2023-08-04
- Jobs: 19,000
- Status: announced
- Capacity: 5 million engines and transmissions per year
- Products: hybrid powertrains, ICE powertrains
- Sectors: [Automotive Components](https://endata.com/sectors/automotive-components.md)

## Companies

- [Renault](https://endata.com/companies/20691.md) (partner)
- [Geely Holding](https://endata.com/companies/25757.md) (partner)

## Sources

- [iot-automotive.news](https://iot-automotive.news/renault-group-and-geely-sign-joint-venture-agreement-to-launch-leading-powertrain-technology-company/), 2023-08-04: "The joint venture company aims to have an annual production capacity up to five million internal combustion, hybrid and plug-in hybrid engines and transmissions per year."

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