# Renault and Geely joint venture approved by European Commission

The European Commission approved a joint venture between Renault Group and Zhejiang Geely Holding Group on November 17, 2023, with Saudi Aramco potentially taking a 20% stake, aiming to produce and sell powertrain systems globally.

- Type: Acquisition
- Announced: 2023-11-17
- Status: announced
- Products: powertrain systems, internal combustion engines, hybrid systems
- 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

- [fleeteurope.com](https://www.fleeteurope.com/en/manufacturers/global/analysis/renault-and-geely-aim-conquer-world-new-joint-venture?curl=1&t=Electrification&t=OEM&t=Renault), 2023-11-22: "They will have to bring something that doesn't exist in China."

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