Hangzhou, Hong Kong SAR, China and Boulogne-Billancourt, France, May 31, 2024 – Following the joint venture agreement signed on July 11, 2023, and having obtained the approval of the competent authorities, Renault Group, Geely Holding Group (Geely Holding), Geely Automobile Holdings Limited (Geely Auto) (collectively referred to herein (above under the name ”Geely”) have officially established HORSE Powertrain Limited, headquartered in London, United Kingdom.
Luca de Meo, CEO of Renault Group, declared : “ Today marks an important step in addressing one of the biggest challenges facing the automotive industry: the decarbonization of road transport. This partnership with a leading company like Geely will allow us to create a new player with the capabilities, know-how and knowledge necessary to develop technologies for very low-emission thermal engines and very economical hybrids, essential for the future. Through HORSE Powertrain Limited, Renault Group will be able to achieve leadership and global scale in a sector representing more than 80% of its sales. Together, we will meet the challenge of decarbonization by placing innovation at the forefront of our activities. »
Eric Li, Chairman of Geely Holding said : “ For the industry to achieve carbon neutrality in the coming decades, global synergies, multiple technologies and sharing of experience are essential. This is why we are pleased that our partnership with Renault Group is now becoming a commercial reality. HORSE Powertrain Limited will have the portfolio, scale and capabilities to deliver the low-emission solutions that tomorrow’s automotive industry will demand. Today, this launch opens a new chapter in sustainable mobility and at Geely we are proud to contribute to it. »
To succeed in decarbonization in a market where more than half of the vehicles produced should still be equipped with thermal engines by 2040, Renault Group and Geely believe that it is necessary to combine several technologies, such as very efficient, low-carbon fuels and hydrogen.
A new player to transform the market and pave the way for hybrid and thermal technologies with very low emissions
HORSE Powertrain Limited will design, develop, produce and sell all solutions and systems for engines, transmissions, hybrid systems and batteries, featuring the latest cutting-edge technologies.
With this project, Renault Group and Geely will both benefit from an immediate effect of scale and better market coverage. Thanks to the transfer of intellectual property from Renault Group and Geely, HORSE Powertrain Limited is now fully autonomous to develop the future engine and transmission technologies that the market will need, particularly in the field of alternative fuels such as green methanol, ethanol and hydrogen. The joint venture’s complementary product portfolio and regional footprint will be able to offer solutions for 80% of a growing global powertrain market.
HORSE Powertrain Limited will supply numerous industrial customers including Renault Group, Geely Auto, Volvo Cars, Proton, Nissan and Mitsubishi Motors Company. The company is ready to serve all customers and partners worldwide with comprehensive solutions in the field of powertrain technologies and will welcome partners to strengthen value chain coverage.
From day one, HORSE Powertrain Limited will be the global leader in hybrid and thermal powertrain solutions with:
- 17 production sites worldwide
- 9 clients in 130 countries
- 5 R&D centers
- Around 19,000 employees
- Around 15 billion euros in forecast annual turnover
- Around 5 million powertrains per year expected
- Coverage of all types of hybrid solutions – full hybrids and long-range plug-in hybrids, as well as internal combustion engines using alternative fuels such as ethanol, methanol, LPG, CNG, hydrogen, etc.
Governance structure
Renault Group and Geely, as investor shareholders of the joint venture, have approved the overall governance scheme as well as the strategic appointments of HORSE Powertrain Limited.
Matias Giannini is appointed Managing Director of HORSE Powertrain Limited.
Lee Ma And Juan Ferrera are respectively appointed Chief Financial Officer and Chief Human Resources Officer of HORSE Powertrain Limited.
The management of the two sub-groups Aurobay and Horse, bringing together assets and industrial know-how, remains unchanged: Ruiping WangManaging Director of Aurobay, based in Hangzhou (China), Patrice Haettel, Managing Director of Horse, based in Madrid (Spain). They will report directly to Matias Giannini.
The board of directors of HORSE Powertrain Limited will be composed of 6 members:
- 3 directors from Geely: Daniel Li (Vice Chairman of Geely Auto and General Manager of Geely Holding) will be Chairman of the Board of Directors, Jerry Gan (General Manager of Geely Auto Group) and Joe Zhang (CFO of Geely Holding).
- 3 directors from Renault Group: Francois Provost (Director of Purchasing, Partnerships and Public Affairs), Gilles Le Borgne (Director of Engineering) and Denis Le Vot (General Manager of Dacia and Logistics Director).
Effective May 31, 2024, the respective operating entities of HORSE Powertrain Limited, namely Horse and Aurobay, will be deconsolidated from Renault Group and Geely, respectively.
Biography
Matias Gianniniformer Executive Commercial Director and member of the management team of Vitesco Technologies AG (headquartered in Regensburg, Germany).
In his role at Vitesco Technologies, Matias led a global sales team, managing sales to major OEMs and Tier 1 OEMs in the powertrain industry. As a member of the Continental AG management team, he played a crucial role in the spin-off, creation and complete transformation of Vitesco Technologies, including taking the company public in September 2021 and driving solutions of gasoline, diesel, hybrid and fully electrified powertrains.
With an impressive 25 years of experience gained at Continental AG and Vitesco Technologies, Matias has held various key management positions in engineering, project management, operations, purchasing and logistics, as well as as Sales and Marketing, across North America, Germany and South America, with substantial achievements in business growth and transformation, which has prepared him very well for this new role.
Matias Giannini holds an MBA in Finance from Oakland University and a Mechanical Engineering degree from Campinas State University.
