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Saudi Aramco is is set to take a stake of about 10% in a powertrain joint venture with Renault SA and China’s Zhejiang Geely Holding Group Co., Bloomberg reported, citing people familiar with the matter.
The transaction is set to value Horse Powertrain Ltd. at around €7.4 billion ($7.9 billion) with Renault and Geely keeping roughly 45% each, the sources said. An announcement could come by month’s end, the people said.
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The 10% figure is lower than Aramco’s previous target, the sources noted, expecting the deal to be closed by the end of this month.
On March 1, 2023, Aramco signed a letter of intent to become a potential minority stakeholder in a new powertrain technology company (PWT), to be established by Geely Holding Group (Geely Holding), Geely Automobile Holdings Limited (Geely Auto HK.0175) — collectively referred to as “Geely” — and Renault Group, Argaam earlier reported.
The new company will be dedicated to internal combustion and hybrid powertrain technologies.
Aramco signs letter of intent with Geely, Renault Group to set up new powertrain company
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