This post was originally published on this site
https://i-invdn-com.investing.com/trkd-images/LYNXMPEJ6A031_L.jpg
Reuters reported in March that Renault (EPA:RENA) and Geely want their JV to become a leading combustion engine and hybrid engine supplier for the car industry by the end of 2023, with a workforce of 19,000 and 15 billion euros ($16.3 billion) in annual revenue.
Geely, via its subsidiary Aurobay Holding, will hold 33% of the joint venture, 50% will be owned by Renault and the remaining stake will go to GHPT Ltd, a subsidiary of Geely Holding, the company said in a statement.
Both companies have for months now looked to bring in Saudi Aramco (TADAWUL:2222) as an investor and a partner to develop and supply gasoline engines and hybrid technologies.
Aramco is evaluating a strategic investment in this new powertrain technology company, Renault said.
The completion of the transaction is expected to take place in the second half of 2023.
