Renault and Geely Launch Horse Powertrain Ltd

The joint venture, Horse Powertrain Ltd, to focus on powertrain technologies. They have announced new membership appointments.

France/China/Uk- Renault Group., and Geely Automobile Holding Limited., in July last year, they announced working together to create a new powertrain company that’d focus on hybrids, internal combustion engines, synthetic fuels and hydrogen. On 31 May 2024 have officially created Horse Powertrain Limited, headquartered in London.

The company will design, develop, produce, and sell hybrid and combustion powertrain solutions, leveraging state-of-the-art technologies like engines, transmissions, hybrid systems, and batteries. With intellectual property from both Renault and Geely, Horse Powertrain is fully autonomous in developing future powertrain technologies, including green methanol, ethanol, and hydrogen. This joint venture aims to address 80% of the  hybrid and combustion powertrain market.

Horse Powertrain will supply industrial customers such as Renault Group, Geely Auto, Volvo Cars, Proton, Nissan, and Mitsubishi Motors. The company is ready to engage globally with customers and partners, offering end-to-end powertrain solutions and welcoming collaborations to strengthen the value chain.

HORSE Powertrain Limited in hybrid and combustion powertrains with 17 plants, 5 R&D centers, 19,000 employees, and expected annual revenues of €15 billion from producing 5 million units. It serves 9 customers in 130 countries, offering full hybrids, plug-in hybrids, and engines using alternative fuels.

Renault Group and Geely have approved the governance and appointments Mr. Matias Giannini is appointed as Chief Executive Officer (CEO), Mr. Lee Ma as Chief Financial Officer (CFO) and Mr. Juan Ferrera as Chief Human Resources officer CHRO, of Horse Powertrain Limited.

The management of the two subgroups Aurobay and Horse, bringing together the industrial know-how and assets of both companies remains unchanged. Aurobay, led by Mr. Ruiping Wang as Chief Executive officer (CEO) based in Hangzhou Bay (China), and Horse, Mr. Patrice Haettel, Executive officer (CEO) of Horse based in Madrid (Spain), They will directly report to Matias Giannini.

The board of directors of Horse Powertrain Limited, three directors from Geely Mr. Daniel Li (Vice Chairman of Geely Auto and CEO of Geely Holding) will become chairman of the Board, Mr. Jerry Gan (CEO of Geely Auto Group) and Mr. Joe Zhang (Chief Financial Officer of Geely Holding). Three directors from Renault Group, Mr. François Provost (Chief Procurement, Partnerships and Public Affairs Officer), Mr. Gilles Le Borgne (Chief Technology Officer) and Mr. Denis Le Vot (CEO of Dacia and Chief Supply Chain Officer). As of 31 May 2024, Horse and Aurobay will be deconsolidated from Renault Group and Geely.

Mr. Luca de Meo, CEO Renault Group, said “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. 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.”

Mr. Eric Li, Geely Holding Chairman said, “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. Today’s launch marks a new chapter in sustainable mobility, and we at Geely are proud to play a part.”