Saudi Aramco has signed a letter of intent with Renault and Geely of China to join their gasoline engine and hybrid technology joint venture dubbed “Horse,” the companies announced in a joint statement on Thursday.
“Aramco’s planned investment would be directed at supporting the development of next-generation synthetic fuel solutions and hydrogen technologies,” the statement said.
Renault and Geely will keep equal parts
“This partnership with Aramco will allow us to step up the powertrain business that we are developing with the Geely Group,” Renault chief executive Luca de Meo said. “It will give you an edge in the race for ultra-low emission thermal technology,” he added. Renault and Geely are expected to retain equal shares in the new independent company, according to the statement.
For his part, Mohammed Y. Al Qahtani, executive vice president of Aramco, indicated that the “collaboration project with Geely and Renault Group will support the development of propulsion systems throughout the automotive industry, and is part of our broader efforts throughout our Global Operations.”
Source: BFM TV
