Following the joint venture agreement signed on 11 July 2023 (earlier post), and after having obtained the approval of the relevant authorities, Renault Group, Geely Holding Group (Geely Holding), Geely Automobile Holdings Limited (Geely Auto) (collectively referred to as “Geely”) have officially created HORSE Powertrain Limited, headquartered in London, United Kingdom.

Partnering with a leading company like Geely to create a new player with the capability and expertise to develop ultra-low emission internal combustion engines and high economy hybrid technologies is key for the future. Through HORSE Powertrain, Renault Group can achieve worldwide leadership and scale in a sector representing more than 80% of its business. Together we will rise to meet the decarbonization challenge with innovation at the forefront of our operations.

—Luca de Meo, CEO Renault Group

Renault Group and Geely believe that a combination of various powertrain technologies is necessary, including highly efficient internal combustion engines (ICE), lower carbon e-fuels, and hydrogen, to achieve a successful decarbonization in a world where more than half of vehicles produced are expected to still rely on combustion engines by 2040.

HORSE Powertrain Limited will design, develop, produce, and sell all hybrid and combustion powertrain solutions and systems with state-of-the-art technologies including engines, transmissions, hybrid systems and batteries.

Both Renault Group and Geely will benefit from immediate scale effect and market coverage enhancement. Supported by the transfer of Intellectual Property from Renault Group and Geely, HORSE Powertrain Limited is now fully autonomous in developing future powertrain technologies capable of addressing all market expectations, notably in the field of alternative fuels such as green methanol, ethanol, and hydrogen.

The partners said that the joint venture’s complementary product portfolio and regional footprint could offer solutions for 80% of the growing global hybrid & combustion powertrain market.

HORSE Powertrain will supply multiple industrial customers including Renault Group, Geely Auto, Volvo Cars, Proton, Nissan and Mitsubishi Motors Company. The company is ready to engage with customers and partners around the world to support them with end to end solutions in powertrain technologies and will welcome partners to further strengthen the value chain.

From Day One of its establishment, HORSE Powertrain Limited is worldwide leader in hybrid and combustion powertrain solutions with:

• 17 global plants

• 9 customers in 130 countries

• 5 R&D centers

• c.19,000 employees

• expected c. €15 billion in yearly revenues

• expected c.5 million units powertrain per year

• All types of hybrid solutions covered – full hybrids and long-range plug-in hybrids as well as internal combustion engines that use alternative fuels such as ethanol, methanol, LPG, CNG, H₂ etc.