Product Code Database
Horse Powertrain Limited is a joint venture parent company aimed at producing powertrains, including internal combustion engines (ICE) and hybrid vehicle. The venture holding was established in May 2024 and is equally owned by Renault and Geely (including Geely Holding and Geely Auto). It is headquartered in London, United Kingdom.
The company has two major subsidiaries, including Aurobay, a former Geely-owned powertrain company operating in Sweden and China with 9,000 employees, and Horse, a former Renault powertrain division with 9,000 employees.
In July 2023, Renault announced it had spun off its ICE and hybrid powertrain operations into a Horse-named subsidiary based in Madrid, Spain. Geely was set to join later by integrating its Swedish powertrain division (Aurobay) and various Chinese operations and merging them both with Horse into a holding company owned by Renault and Geely, with Aramco a potential late investor. Later that same month, the two companies signed a binding agreement for the creation of the venture holding, with Renault operations initially headquartered in Madrid and Geely's in Hangzhou. Both Geely and Renault were set to transfer their intellectual property for ICEs and hybrid systems to the venture holding. The venture holding was set to be established and start operations in the second half of 2023, pending regulatory clearances. After various regulatory delays, the venture was officially established in late May 2024.
On December 3, 2024, Aramco acquired 10% of Horse Powertrain. The Arab energy and chemical company will have a representative on the board of directors.
|
|
