Last November, a non-binding agreement between Geely and the Renault Group was signed. It has now been confirmed that the agreement will now take place, with Geely sharing engines with the whole Renault Group (that includes Mitsubishi and Nissan).
Geely x Renault Group
The key highlight of the agreement is that both parties have agreed to combine their internal combustion engine development and manufacturing operations with this 50-50 joint venture.
This joint venture’s goal is to also launch a new powertrain company that will manufacture, develop, and supply internal combustion and hybrid powertrains. Both companies will have equal board members who will strategize and execute the direction of the new powertrain company. An executive team will be in place in the company’s headquarters which is said to be in the UK.
As a group, they plan to expand the footprint of the company by creating around 17 engine plants across the globe. With this, they will supply engines once operational to Renault, Geely, Volvo, Nissan, Proton, Mitsubishi, and Punch Torino.