Officially born HORSE Powertrain Limited, the new company co-founded by Renault and the Geely Group that promises to become the world market leader in the sector of internal combustion engines, transmissions and hybrid systems. The birth of the new company, which follows the agreement signed on 11 July last year by the parties and the approval of the competent authorities, provides for a 50% participation fee of both groups.
Renault and Geely join forces
He will command the operations of the new company Matias Giannini, who has been appointed CEO of HORSE Powertrain Limited. The company’s Board of Directors, however, is chaired by Daniel Li and will be made up of 6 directors with equal powers to represent the shareholders. A very ambitious project as well as the company’s forecasts, which aims to record a annual turnover of approximately 15 billion euros and one production of 5 million powertrains per year.
HORSE Powertrain is born
“Today an important step has been taken to address one of the greatest challenges facing the automotive industry: the decarbonisation of road transport – commented Luca de Meo, CEO of the Renault Group – The partnership with a leading company like Geely to create a new player equipped with the capabilities, know-how and skills necessary to develop technologies relating to very low emissions internal combustion engines and high-saving hybrid technologies is of fundamental importance for the future . With HORSE Powertrain, Groupe Renault can achieve leadership and acquire global reach in a sector it represents over 80% of its sales. Together, we will face the challenge of decarbonization by putting innovation at the forefront of our operations.”
Objectives and solutions
HORSE Powertrain will be a supplier to many industrial customers, not just Renault and Geely obviously but also Volvo, Proton, Nissan and Mitsubishi, just to name a few. The company’s objective, let us remember it once again, is to design, develop, produce and market all systems and solutions for engines, transmissions, hybrid systems and batteries, equipped with cutting-edge technologies: we are not just talking about Full Hybrid and Plug-in Hybrid with great autonomy, but also of internal combustion engines that use alternative fuels such as ethanol, methanol, LPG, CNG and hydrogen.
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