 | |
| Company type | Joint venture |
|---|---|
| Industry | Automotive |
| Founded | May 31, 2024; 6 months ago (2024-05-31) |
| Headquarters | London, United Kingdom |
| Area served | Worldwide |
| Key people | Matias Giannini (CEO) |
| Products | Internal combustion engines, hybrid systems, transmissions |
| Owners |
|
| Subsidiaries |
|
| Website | horse-powertrain.com |
Horse Powertrain Limited is a joint venture holding aimed at producing powertrains, including internal combustion engines (ICE) and hybrid systems. The venture holding was established in May 2024 and is equally owned by Renault and Geely (including Geely Holding and Geely Auto). It is headquartered in London, United Kingdom.
The company has two major subsidiaries, including Aurobay, a former Geely-owned powertrain company operating in Sweden and China with 9,000 employees, and Horse, a former Renault powertrain division with 9,000 employees.
History
The joint venture project was announced in November 2022 and codenamed Horse project by Renault and Rubik project by Geely. 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, as well as Nissan and Mitsubishi Motors ones. 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 powertrain 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. 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 were set to transfer their intellectual property for ICEs and hybrid systems to the venture holding. The venture holding was set to be established and start operations in the second half of 2023, pending regulatory clearances. After various regulatory delays, the venture was officially established in late May 2024.
On December 3, 2024, Aramco acquired 10% of Horse Powertrain. The Arab energy and chemical company will have a representative on the board of directors.
References
- "Renault-Geely to include eight Chinese powertrain plants, report says". Automotive News Europe. March 29, 2023.
- "Renault Group: Renaulution, now Revolution". GlobeNewswire News Room. November 8, 2022.
- "Renault has big plans for Dacia: more models and higher production". Romania Insider. 9 November 2022.
- "Renault launches Ampere electric car business unit and Geely ICE joint-venture". Auto Express.
- "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 and Geely sign joint venture agreement to launch leading powertrain technology company" (Press release). Renault. 11 July 2023. Retrieved 11 July 2023.
- "Renault, Geely create joint venture for hybrid, combustion engines". Reuters. 31 May 2024. Retrieved 31 May 2024.
| Zhejiang Geely Holding Group | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Divisions and subsidiaries |
|  | ||||||||||||
| Joint venture |
| |||||||||||||
| Affiliates |
| |||||||||||||
| Platforms | ||||||||||||||
| Other | ||||||||||||||
| Geely Auto | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| A subsidiary of Zhejiang Geely Holding Group | |||||||||||
| Marques |
| ||||||||||
| Current models |
| ||||||||||
| Discontinued models | |||||||||||
| Concept | |||||||||||
| Related | |||||||||||
 | This corporation or company article is a stub. You can help Misplaced Pages by expanding it. |