 | |
| Type | Joint venture (proposed) |
|---|---|
| Founded | November 8, 2022 (official announcement) |
Area served | Worldwide |
| Products | Internal combustion engines, hybrid systems, transmissions |
| Owners | |
Number of employees | 19,000[1] |
The Horse project[lower-alpha 1] is a proposed joint venture that is set to develop and manufacture internal combustion engined (ICE) and hybrid powertrains. It would be owned by Renault and Geely.[2][3]
Tentatively named Horse project by Renault, the proposed 50-50 partnership[4] is set to develop the new powertrains in five global research and development centers from the Renault side.[5] The Renault Group and Geely namesake brands would be the first to receive the powertrains and they would later be supplied to Dacia, Volvo, Lynk & Co and Proton cars,[6] as well as Nissan and Mitsubishi Motors ones.[5] Sourcing to third parties is also part of the plan.
In July 2023, Renault announced it had spun off its ICE and hybrid powertrain operations into a Horse-named subsidiary based in Madrid, Spain. Geely was set to join later by integrating its Swedish powertain division (Aurobay) and various Chinese operations and merging them both with Horse into a holding company owned by Renault and Geely, with Aramco a potential late investor.[3] Later that same month, the two companies signed a binding agreement for the creation of the venture holding, with Renault operations initially headquartered in Madrid and Geely's in Hangzhou. Both Geely and Renault are set to transfer their intellectual property for ICEs and hybrid systems to the venture holding. The venture holding is set to be established and start operations in the second half of 2023, pending regulatory clearances, and its main headquarters would be in the United Kingdom.[7]
References
- ↑ provisional name
- ↑ "Renault to reorganise towards electric future". www.euractiv.com. November 8, 2022.
- ↑ "Renault And Geely Establish New Company To Produce ICE, Hybrid Powertrains". Motor1.com.
- 1 2 "HORSE, new leading powertrain technology company is now fully operational and ready to reinvent combustion" (Press release). Renault. 5 July 2023. Retrieved 6 July 2023.
- ↑ "Renault Group: Renaulution, now Revolution". GlobeNewswire News Room. November 8, 2022.
- 1 2 "Renault launches Ampere electric car business unit and Geely ICE joint-venture". Auto Express.
- ↑ "Renault has big plans for Dacia: more models and higher production". Romania Insider. November 9, 2022.
- ↑ "Renault Group and Geely sign joint venture agreement to launch leading powertrain technology company" (Press release). Renault. 11 July 2023. Retrieved 11 July 2023.