Aramco acquires 10% of Horse Powertrain

Saudi Aramco, through its wholly owned subsidiary, Aramco Asia Singapore Pte. Ltd., completed today the purchase of a 10% stake in Horse Powertrain Ltd.

In a statement, Saudi Aramco said the deal aligns with its efforts to develop new mobility solutions that will reduce transport emissions globally.

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The deal follows the signing of definitive agreements in June 2024 and the completion of applicable regulatory approvals.

Saudi Aramco’s investment is based on an institutional valuation of Horse Powertrain at €7.4 billion, with Renault Group and Geely (Zhejiang Geely Holding Group and Geely Auto) each retaining 45% of the shares.

Horse Powertrain has 17 global factories and five research and development (R&D) centers.

The company's strategy focuses on China, Europe, and Latin America. It covers all types of powertrain solutions—full hybrids, long-range plug-in hybrids, and internal combustion engines that use alternative fuels such as ethanol, methanol, LPG, CNG, hydrogen, etc.

Horse Powertrain is expected to produce about 5 million powertrain units per year.

In June, Saudi Aramco, through a wholly owned subsidiary, signed definitive agreements to acquire a 10% equity interest in Horse Powertrain Ltd, the new global powertrain solutions company, alongside Renault Group, Zhejiang Geely Holding Group, and Geely Automobile Holdings Ltd, according to data available with Argaam.