Geely and Renault Group have officially launched Horse Powertrain Limited, a leading powertrain technology company, on May 31, 2024, following their agreement on July 11, 2023, and subsequent approval from relevant authorities. This joint venture, with equal stakes held by both groups, aims to spearhead the development of ultra-low emission internal combustion engines and hybrid technologies. Renault Group CEO Luca de Meo emphasized the importance of this partnership in tackling the automotive industry’s decarbonization challenges and positioning Renault as a leader in a sector that constitutes over 80% of its business. Similarly, Geely Holding Chairman Eric Li highlighted the necessity of global synergies and shared expertise to achieve net zero emissions, expressing pride in contributing to sustainable mobility through this collaboration.
Horse Powertrain Limited, headquartered in London, will design, develop, produce, and market hybrid and combustion powertrain solutions, including engines, transmissions, hybrid systems, and batteries. The company will leverage intellectual property from both Renault and Geely to innovate in alternative fuels like green methanol, ethanol, and hydrogen. With 17 global plants, 9 customers across 130 countries, 5 R&D centers, approximately 19,000 employees, and projected annual revenues of €15 billion, Horse Powertrain is poised to supply major automotive brands such as Volvo, Proton, Nissan, and Mitsubishi. The venture aims to disrupt the market and pave the way for sustainable powertrain technologies, addressing 80% of the global hybrid and combustion market demand.
