Shulou(Shulou.com)11/24 Report--

Thanks to CTOnews.com netizens for the delivery of clues about the past. CTOnews.com, July 11 (Xinhua) Geely Motor and Renault Group have signed a joint venture agreement, each holding 50% of the joint venture company, the new company is committed to becoming "the leader of the next generation of efficient and energy-efficient hybrid system solutions to meet the needs of the global market."

According to the HKEx announcement, Aurobay Holding (BVI), a wholly-owned subsidiary of Geely Automobile Holdings, GHPT Limited, a wholly-owned subsidiary of Geely Holdings, and Renault hold 33%, 17% and 50% shares in the joint venture, respectively. Geely's Aurora Bay Technology and Geely Changxing will become subsidiaries of the new company.

Geely wrote in the announcement that the joint venture would integrate the internal combustion engine, hybrid and plug-in hybrid engine and transmission businesses of the Group (Geely Automobile Holdings Co., Ltd.), Geely Holdings Group and Renault Group. The joint venture group will benefit from the significant strategy, product and geographical complementarity and economies of scale between the operations of the Group, Geely Holdings Group and Renault Group. This will give the joint venture the opportunity to gain more market share, target new third-party customers, pursue productivity and develop innovative technology solutions.

CTOnews.com learned from Geely officials that the new company will be jointly led by Geely and Renault Group, with 50 / 50 members of the board of directors to jointly formulate and implement the company's development strategy. At the initial stage of operation, the new company will ensure business continuity through two operation centers: Renault Group's operation center is located in Madrid and Geely's operation center is located in Hangzhou Bay. In addition, the new company will be headquartered in the UK and will set up a management team to integrate operations, seek synergies and determine future development plans.

Geely also said that with its complementary product portfolio and global business layout, the new company's products could cover "80 per cent of the application needs of the global fuel and hybrid vehicle market". After formal operation, the new company will serve a number of brands, including Renault, Geely, Volvo, Proton, Nissan, Mitsubishi Motors and PUNCH Torino Powertrain. In the future, the new company will provide a full range of powertrain solutions for more third-party car brands.

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