Renault, Geely strike deal for internal-combustion joint venture
BEIJING — Renault SA and China’s Geely have agreed to launch a new, equally held joint-venture that will supply gasoline engines and hybrid technology to the brands they own and other automakers, the two companies said in a statement.
The joint-venture will employ 19,000 people at 17 powertrain factories and three research and development hubs, the companies said.
The framework agreement clears an important benchmark in a months-long effort by the French automaker to carve out its internal combustion business as a separate company.
Renault has also been in negotiations with its existing alliance partner, Nissan Motor Co, about new investment in an electric vehicle venture it also plans to establish. (Reporting by Norihiko Shirouzu; Editing by Sam Holmes)
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