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© Reuters. FILE PHOTO: The Geely logo is seen at a car dealership in Shanghai, China August 17, 2021. Picture taken August 17, 2021. REUTERS/Aly Song
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© Reuters. FILE PHOTO: The Geely logo is seen at a car dealership in Shanghai, China August 17, 2021. Picture taken August 17, 2021. REUTERS/Aly Song
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(Reuters) – Geely Automobile Holdings (OTC:) Ltd and Renault SA (OTC:) signed a joint venture (JV) to engage in the powertrain business, the Chinese automaker said on Tuesday.
Reuters in late-March reported that Renault (EPA:) 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.
