Renault Group: Geely and Renault Group Sign Framework Agreement to
Create Leading Powertrain Technology Company
Geely and
Renault Group Sign Framework
Agreement to Create Leading Powertrain Technology
Company
New global
company to
develop, produce and supply
advanced hybrid and low-emission
powertrains
- Framework
agreement envisages Geely and Renault Group holding 50% stakes in
new company
- New partnership
aims to become leader in next-generation hybrid and highly
efficient powertrain solutions to meet worldwide demand for years
to come
- Initiative forms
part of ‘Renaulution’ transformation at Renault Group and Geely’s
transition to intelligent e-mobility services
- New company will
supply multiple brands worldwide with complete range of
best-in-class powertrains including electrified solutions
- On completion,
the new company will comprise 17 powertrain plants and 5 R&D
centers in 3 continents with around 19,000 employees, supplying 130
countries
- New organization
structure, combining a strategic footprint and attractive business
model, will welcome new partners in due course
8th
November
2022,
Hangzhou, HongKong
SAR, China and
Boulogne-Billancourt,
France – Geely Holding Group (Geely Holding),
Geely Automobile Holdings Limited (Geely Auto HK.0175)
(collectively referred to above as “Geely”) and Renault Group have
signed a non-binding framework agreement to create a new global
leader to develop, manufacture and supply best-in-class hybrid
powertrains and highly efficient ICE powertrains.
Under the framework agreement, Geely and Renault
Group will hold respective 50-50 equity stakes in the new
company.
The new company will be a standalone global
supplier of propulsion system solutions, producing next generation
hybrid propulsion systems, and developing carbon free and
low-emission technologies from five global R&D centres. At
launch, the new company is expected to supply multiple industrial
customers including Renault, Dacia, Geely Auto, Volvo Cars, Lynk
& Co, Proton, and also Nissan and Mitsubishi Motors Company. In
future, the partnership could also offer powertrain technologies to
third-party car brands.
The new company is planned to operate 17
powertrain plants in 3 continents, employing around 19,000 people
in total. It will have a combined capacity of over 5 million
internal combustion, hybrid and plug-in hybrid engines and
transmissions per year, supplying over 130 countries and regions.
The new company's joint product portfolio and regional footprint
could offer solutions for 80% of the global ICE market.
News of this agreement has coincided with a
Renault Group Capital Market Day in Paris, at which the Group has
outlined a range of initiatives to speed-up its transformation and
shared its mid-term financial outlook.
Luca de Meo, CEO Renault
Group: “As Renault Group accelerates with
its Renaulution transformation to capture value on the entire new
automotive value chain, we are pleased to have agreed plans for an
ambitious partnership with Geely to keep developing the ICE and
hybrid engine technologies that will remain a critical part of the
automotive supply chain for decades to come. We’ll be able to offer
best-in-class powertrain and electrified solutions to multiple OEM
brands worldwide, unleashing the market potential for this low
emission technology.”
Eric Li,
Geely Holding Group
Chairman,
said: “Today’s agreement with
Renault Group will enable the creation of a global leader in hybrid
technologies to provide highly efficient advanced solutions for
automakers around the world. We are looking forward to working
together with Luca de Meo and his Renault team to make this
partnership a reality. This agreement builds on our commitment to
leverage our group wide technological expertise and brand portfolio
to continue our pioneering journey in sustainability and value
creation that leads to consumer excellence.”
The new company will welcome partners and
shareholders attracted by the opportunity to contribute to
industry-leading “cradle-to-grave” low and zero emission
eco-systems worldwide.
This framework agreement is expected to lead to
formal combination in 2023. Further details of the new entity are
expected to be announced over coming months.
About Zhejiang
Geely Holding Group
Zhejiang Geely Holding Group (Geely Holding) is
a global automotive group that owns several well-known
international automotive brands, with operations spanning the
automotive value chain, from research, development and design to
production, sales and servicing.
Founded in 1986 by Eric Li, the company’s
Chairman, in the city of Taizhou in China’s Zhejiang province,
Geely Holding launched its automotive business in 1997 and is now
headquartered in Hangzhou, China. Today, Geely Holding operates a
number of brands including Geely Auto, Lynk & Co, ZEEKR,
Geometry, Volvo Cars, Polestar, Lotus, London Electric Vehicle
Company, Farizon Auto, and Cao Cao Mobility.
Geely Holding sold over 2.2 million vehicles in
2021, with Volvo Cars sales reaching 698,693 units globally and
Geely Auto Group's Hong Kong listed entity reporting sales reaching
1,328,029 units.
Geely Holding employs over 120,000 people
globally, and has been listed in the Fortune Global 500 for the
past ten years.
For more information regarding Zhejiang Geely
Holding Group please refer to the official website at
www.zgh.com
About Geely
Automobile Holdings Limited
Geely Automobile Holdings Limited (the “Company”
and its subsidiaries, collectively the “Group”) (SEHK stock code:
175) is an automobile manufacturer, focusing on development,
manufacturing and sales of passenger vehicles.
The Group sells most of its products in the
China market and has also expanded its sales through export to
other countries in the past few years. The Group has production
bases in various parts of the mainland China, with more than 40,000
employees.
The Company is listed on the main board of The
Stock Exchange of Hong Kong Limited (“SEHK”) and is a constituent
of the Hang Seng Index since 2017. The controlling shareholder of
the Company is Zhejiang Geely Holding Group.
About Renault Group
Renault Group is at the forefront of a mobility
that is reinventing itself. Strengthened by its alliance with
Nissan and Mitsubishi Motors, and its unique expertise in
electrification, Renault Group comprises 4 complementary brands -
Renault, Dacia, Alpine and Mobilize - offering sustainable and
innovative mobility solutions to its customers. Established in more
than 130 countries, the Group has sold 2.7 million vehicles in
2021. It employs nearly 111,000 people who embody its Purpose every
day, so that mobility brings people closer. Ready to pursue
challenges both on the road and in competition, Renault Group is
committed to an ambitious transformation that will generate value.
This is centred on the development of new technologies and
services, and a new range of even more competitive, balanced and
electrified vehicles. In line with environmental challenges, the
Group’s ambition is to achieve carbon neutrality in Europe by 2040.
https://www.renaultgroup.com/en/
Media contacts
RENAULT
GROUP MEDIA RELATIONS |
|
Frédéric Texier+33
6 10 78 49 20frederic.texier@renault.com |
Rie Yamane+33 6
03 16 35 20rie.yamane@renault.com |
|
- 2022 11 08 - Geely-RG Joint Release 20221108_EN
Renault (EU:RNO)
Gráfica de Acción Histórica
De Mar 2024 a Abr 2024
Renault (EU:RNO)
Gráfica de Acción Histórica
De Abr 2023 a Abr 2024