Car makers Geely and Renault have announced a major joint venture. They plan to invest up to $7.7 billion to develop gasoline engines and hybrid technology for automobiles
The JV aims to have an annual production capacity of up to five million internal combustion, hybrid and plug-in hybrid engines and transmissions, Renault added.The Geely logo is seen at a car dealership in Shanghai, China August 17, 2021. Picture taken August 17, 2021. REUTERS/Aly Song, which signed a letter of intent with Renault and Geely in March, is evaluating a strategic investment in the new company, Renault said.
The Saudi oil producer has been involved in advanced discussions to take a stake of up to 20% in the JV,Big oil firms have worked with automakers to develop sustainable fuels and hydrogen engines in recent years. But a deal here would make Aramco the first major oil producer to invest in the car business.
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