Renault Group, Geely Holding Group and Geely Automobile Holdings Limited announced the creation of HORSE Powertrain Limited, headquartered in London, United Kingdom. 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.
The new company will autonomously develop future powertrain technologies that are capable of addressing market expectations in alternative fuels such as green methanol, ethanol, and hydrogen.
Renault and Geely believe that various powertrain technologies are necessary for decarbonisation, including highly efficient internal combustion engines (ICE), lower carbon e-fuels, and hydrogen.
The partners said this joint venture 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.
“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,” said Luca de Meo, CEO Renault Group.