[1/2]The Geely logo is seen at a car dealership in Shanghai, China August 17, 2021. Picture taken August 17, 2021. REUTERS/Aly Song
July 11 (Reuters) – China’s Geely Automobile Holdings (0175.HK) and French car maker Renault SA (RENA.PA) signed a joint venture (JV) to launch a company that will manufacture and supply hybrid powertrain engines, the companies said on Tuesday.
Reuters reported in March that Renault and Geely want their JV to become a leading combustion engine and hybrid engine supplier for the car industry by the end of 2023, with a workforce of 19,000 and 15 billion euros ($16.3 billion) in annual revenue.
Geely, via its subsidiary Aurobay Holding, will hold 33% of the joint venture, 50% will be owned by Renault and the remaining stake will go to GHPT Ltd, a subsidiary of Geely Holding, the company said in a statement.
Both companies have for months now looked to bring…
