Geely and Renault officially established a powertrain technology company

Following the signing of a joint venture agreement on July 11, 2023 and the prior approval of relevant regulatory authorities, Geely Holding Group and Geely Automobile Holdings Co., Ltd. (hereinafter referred to as "Geely") and Renault Group officially established HORSE Powertrain Limited. The new company is headquartered in London, UK, and each party holds a 50% stake in the new company.

It is reported that HORSE Powertrain Limited's mission is to design, develop, produce and sell industry-leading hybrid and fuel powertrain components and systems, including engines, transmissions, hybrid systems and batteries. Renault Group and Geely will also transfer relevant intellectual property rights to HORSE Powertrain Limited, allowing the new company to fully independently develop future powertrain technologies to meet various market needs, especially in the field of alternative fuels such as green methanol, ethanol and hydrogen. With a complementary product portfolio and global business layout, the new company's products can cover 80% of the global hybrid and fuel-powered vehicle market demand.

HORSE Powertrain Limited will serve multiple brands, including Renault Group, Geely Auto, Volvo Cars, Proton, Nissan and Mitsubishi Motors. In the future, the new company will provide end-to-end powertrain solutions for more global automotive brands and will continue to welcome new partners to join and create greater value together.

Officials said that the new company currently has 17 factories worldwide, 8 major customers in 130 countries and regions around the world, 5 R&D centers, about 19,000 employees, about 15 billion euros in revenue, and an annual output of about 5 million powertrains, covering all types of hybrid solutions - including long-range hybrid, fuel hybrid, and internal combustion engines using alternative fuels such as ethanol, methanol, liquefied natural gas, compressed natural gas, hydrogen, etc.

In terms of management structure, Matias Giannini was appointed as CEO of HORSE Powertrain Limited, Ma Le was appointed as CFO of HORSE Powertrain Limited, and Juan Ferrera was appointed as CHO of HORSE Powertrain Limited. As the two sub-business groups of the new company, Horse and Aurora Bay, the original management will remain unchanged: Patrice Haettel will continue to serve as CEO of Horse, and the company will be based in Madrid, Spain; Wang Ruiping will continue to serve as CEO of Aurora Bay, and the company will be based in Hangzhou Bay, Ningbo, China. They will report directly to Matias Giannini.

The board of directors of HORSE Powertrain Limited consists of 6 members. The three directors from Renault are: Chief Purchasing, Partnership and Public Affairs Officer François, Chief Technology Officer Gilles Le Borgne and Dacia CEO and Chief Supply Chain Officer Denis Le Vot. The three directors from Geely are: Geely Holding CEO Li Donghui, Geely Auto Group CEO Gan Jiayue and Geely Holding Group Senior Vice President and CFO Zhang Quan. Li Donghui serves as the chairman of HORSE Powertrain Limited.

As of May 31, 2024, the corresponding operating entities of HORSE Powertrain Limited, namely Horse and Aurora Bay, will be divested from Groupe Renault and Geely, respectively.