Renault, Geely create Horse Powertrain
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Renault Group and Geely have formed a joint venture to combine their powertrain businesses.
Horse Powertrain was officially created today in London with Renault and Geely each holding a 50% stake. It expects to reach €15bn in annual revenues and a production of 5 million powertrain units per year. It already has a complete portfolio of powertrain technologies including hybrid systems, internal combustion engines, transmissions, and battery systems. It also plans to design, develop and produce hydrogen engines and battery powertrains.
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The transfer of Intellectual Property from Renault Group and Geely means Horse Powertrain is fully autonomous in developing future powertrain technologies capable of addressing all market expectations, notably in the field of alternative fuels such as green methanol, ethanol, and hydrogen.
This brings 17 global plants and 5 R&D centres with 19,000 employees serving nine customers in 130 countries. Matias Giannini from Vitesco Technologies will be the CEO, with Daniel Li from Geely as chair, and six directors with equal representation from its shareholders.
“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,” said Luca de Meo, CEO of the Renault Group.
“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,” said Eric Li, chair of Geely Holding which owns Volvo Cars, Lotus and Polestar.
Renault Group and Geely believe that a combination of various powertrain technologies is necessary, including highly efficient internal combustion engines (ICE), lower carbon e-fuels, and hydrogen.
Horse Powertrain will supply multiple industrial customers including Renault Group, Geely Auto, Volvo Cars, Proton, Nissan and Mitsubishi Motors Company. The company is ready to engage with customers and partners around the world to support them with end to end solutions in powertrain technologies and will welcome partners to further strengthen the value chain.
The management of the two subgroups Aurobay and Horse, bringing together the industrial know-how and assets of both companies remains unchanged: Ruiping Wang as CEO of Aurobay, based in Hangzhou Bay (China), Patrice Haettel CEO of Horse based in Madrid (Spain). They will directly report to Matias Giannini.
Matias Giannini was former Executive Vice President of Sales and a Member of the Management Team at Vitesco Technologies in Regensburg, Germany.
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