Renault and Geely create new powertrain technology company
Renault and Geely founded Horse Powertrain Limited, a company which will develop and launch highly efficient internal combustion engines (ICE), lower carbon e-fuels, and hydrogen, with the aim of achieving "a successful decarbonization in a world where more than half of vehicles produced are expected to still rely on combustion engines by 2040", as stated today.
Renault and Geely announce the creation of new powertrain technology company named Horse Powertrain Limited. The announcement follows the agreements signed on July 2023. Each group hold 50% of the newborn entity.
Horse Powertrain Limited will develop and launch highly efficient internal combustion engines (ICE), lower carbon e-fuels, and hydrogen, with the aim of achieving “a successful decarbonization in a world where more than half of vehicles produced are expected to still rely on combustion engines by 2040”, as stated today. More into details, 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.
Renault and Geely: the brands involved
According to the partners, the joint venture’s complementary product portfolio and regional footprint could offer solutions for 80% of the growing global hybrid & combustion powertrain market. Among the customers supplied in the future will be Renault Group, Geely Auto, Volvo Cars, Proton, Nissan and Mitsubishi Motors Company. Passenger cars will be the primary field, however implications are expected also on LCVs.
As for the company’s governance, Matias Giannini, former Executive Vice President of Sales and a Member of the Management Team at Vitesco Technologies AG, was appointed CEO of Horse Powertrain Limited. Lee Ma and Juan Ferrera are respectively appointed Chief Financial Officer and Chief Human Resources Officer of Horse Powertrain Limited.
Statements from the partners
“Today marks an important step in meeting the greatest challenges facing the automotive industry: the decarbonization of road transport. 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”, said Luca de Meo, CEO Renault Group.
“For the industry to reach net zero emissions in the next decades, global synergies, multiple technologies, and sharing of expertise, are crucial. That is why we are pleased that our partnership with Renault Group is reaching commercial reality today. Horse Powertrain Limited will have the portfolio, scale and capacity to offer the low-emission solutions the automotive industry of tomorrow demands”, added Eric Li, Geely Holding Chairman.
