June 06, 2024

Geely and Renault form joint venture with the help of UDC

Geely Holding Group and Geely Automobile Holdings Limited have officially established a joint venture company, HORSE Powertrain Limited, with Renault Group.

The new company is headquartered in London, the United Kingdom and Geely and Renault Group each hold a 50 percent share in the new company.

Shanghai UDC Business Consulting Co Ltd, a subsidiary of Waigaoqiao Group, provided comprehensive cross-border policy compliance consulting services for the establishment of the joint venture during the cross-border restructuring process.

Previously, Geely and Renault Group signed a joint venture agreement on July 11, 2023. It is reported that HORSE Powertrain Limited is expected to achieve an annual revenue of about 15 billion euros (US$16.32 billion), with an annual production capacity of about 5 million powertrain units. The company is committed to providing global partners with hybrid power systems, fuel power systems, transmission solutions and battery solutions.

According to Luca de Meo, CEO of Renault Group, the joint venture will develop ultra-low emission fuel power and efficient hybrid technologies to be applied in cutting-edge operations to meet environmental protection needs.