Horse Powertrain Limited will produce ICEs, transmissions, hybrid systems, and batteries. Renault, Geely, Volvo, Proton, Nissan, and Mitsubishi will use engines sourced from the venture. The new company is owned 50-50 percent by Renault and Geely and is headquartered in London. Renault and Geely have finalized their internal combustion engine joint venture.
The company has received intellectual property from Renault and Geely and will operate autonomously to develop future powertrain technologies. It will also investigate the use of green methanol, ethanol, and hydrogen. “Today marks an important step in meeting the greatest challenges facing the automotive industry: the decarbonization of road transport,” Renault chief executive Luca de Meo said.