The Strategist

Saudi Aramco to invest in green engines production

03/02/2023 - 10:05

According to a press release from Saudi Aramco, the company intends to invest in Geely and the Renault Group partnership. The two carmakers intend to establish a company that will make power units based on technologies with reduced air pollution.

Bob Mical
Bob Mical
"Aramco has signed a letter of intent to join Geely and Renault Group as a potential minority shareholder in the creation of a new power technology business. The new business will concentrate on innovations for internal combustion engines and hybrid powertrains," reads the message.

Aramco's investment will support the company's growth and contribute to key research and development in next-generation synthetic fuel solutions and hydrogen technologies. Geely and Renault Group are expected to maintain equal stakes in the new independent company.

The planned company, with a global network of 17 plants and five R&D centers on three continents, will become an independent global supplier with a combined capacity of more than 5 million internal combustion engines, hybrid engines and transmissions per year. The company will supply products to more than 130 countries.