PARIS (Agefi-Dow Jones)–Car manufacturers Renault and Geely announced on Friday the creation of their equal joint venture HORSE Powertrain Limited, specialist in the development and production of solutions and systems for combustion engines, transmissions, hybrid systems and batteries.
“Following the agreements signed on July 11, 2023 by Renault and Geely, and after the approval of the competent authorities, HORSE Powertrain Limited was officially created on May 31, 2024,” the two partners indicated in a joint press release. “HORSE Powertrain Limited expects annual sales of around 15 billion euros and production of 5 million powertrains per year,” Renault and Geely said.
HORSE’s head office is based in London, United Kingdom. Matias Giannini is appointed general manager of the joint venture, while the board of directors will be chaired by Daniel Li and composed of six directors representing its shareholders in equal shares.
HORSE currently employs around 19,000 people, spread across 17 production sites and 5 research and development centers around the world.
HORSE already has 9 customers and plans to supply “many industrial customers” in the future.
-Dimitri Delmond, Agefi-Dow Jones +33 (0)1 41 27 47 31; [email protected] ed: FXS
Agefi-Dow Jones The financial newswire
Dow Jones Newswires
May 31, 2024 01:14 ET (05:14 GMT)
