Renault Group and Geely Launch HORSE Powertrain Limited: Revolutionising the Automotive Industry with Low-Emission Technologies
Renault Group, Geely Holding Group (Geely Holding), and Geely Automobile Holdings Limited (Geely Auto) officially launched HORSE Powertrain Limited on 11 July 2023, following the necessary approvals from relevant authorities. Based in London, UK, this new venture aims to revolutionise the automotive industry by developing ultra-low emission internal combustion engines and high-efficiency hybrid technologies.
Luca de Meo, CEO of Renault Group, expressed his enthusiasm about the partnership, stating, "Today marks a significant milestone in tackling the automotive industry's biggest challenge: decarbonising road transport. By partnering with Geely, we are establishing a key player equipped to innovate and lead the development of cutting-edge powertrain technologies. HORSE Powertrain will position Renault Group at the forefront of a sector encompassing over 80% of our business, steering the industry towards a decarbonised future."
Eric Li, Chairman of Geely Holding, highlighted the strategic importance of the collaboration, remarking, "Achieving net-zero emissions requires global synergies, diverse technologies, and shared expertise. We are excited to see our partnership with Renault Group materialise into HORSE Powertrain Limited, which will deliver the low-emission solutions essential for tomorrow's automotive industry. This launch initiates a new era in sustainable mobility, and we are proud to contribute significantly to this evolution."
HORSE Powertrain Limited is set to disrupt the market by designing, developing, producing, and selling advanced hybrid and combustion powertrain solutions, including engines, transmissions, hybrid systems, and batteries. This venture enables Renault Group and Geely to leverage immediate scale effects and enhance market coverage significantly. With the transfer of Intellectual Property between the two companies, HORSE Powertrain is fully equipped to develop future technologies that meet diverse market needs, especially in alternative fuels like green methanol, ethanol, and hydrogen.
The company will serve various industrial clients, including Renault Group, Geely Auto, Volvo Cars, Proton, Nissan, and Mitsubishi Motors Company. From day one, HORSE Powertrain Limited has established itself as a global leader in hybrid and combustion powertrain solutions. It boasts 17 global plants, 9 customers across 130 countries, 5 R&D centres, and approximately 19,000 employees. It is projected to generate about £15 billion in annual revenues and produce roughly 5 million powertrain units per year.
Renault Group and Geely have also finalised the global governance structure of HORSE Powertrain Limited and announced strategic executive appointments, with Matias Giannini stepping in as CEO. The operational management of the two subgroups, Aurobay and Horse, will continue under the leadership of Ruiping Wang and Patrice Haettel, respectively.
This strategic alliance underscores Renault Group's and Geely's commitment to pioneering sustainable powertrain technologies and advancing the automotive industry's transition to a greener future.