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

CTOnews.com China's Geely Automobile and France's Renault Motor yesterday announced the formation of a new joint venture to build the next generation of efficient, energy-saving hybrid power systems and to locate the new company headquarters in the UK.

According to the BBC, the two sides will invest up to 7 billion euros (CTOnews.com note: currently about 55.51 billion yuan) to develop low-emission gasoline, diesel and hybrid engines. In addition, the new company will employ about 19000 people at its 17 engine plants and five R & D centers.

The companies also said Saudi energy giant Aramco could join the joint venture and was "evaluating a strategic investment." Saudi Aramco is the world's largest oil and gas company and a major emitter of greenhouse gases that contribute to climate change.

Earlier this year, Aramco President and CEO Amin Nasser said the company would increase investment in low-carbon technologies.

A decade ago, Geely bought London Taxi, a Coventry-based maker of London black taxis, in a deal worth £ 11.4m.

In 2017, London Taxi changed its name to London Electric Vehicle Company to highlight its determination to switch to electric vehicle technology. The company developed London's first black electric taxi, and there are currently about 5000 such vehicles on London's streets.

Geely and Renault's new joint venture will be launched later this year and will supply engines to carmakers such as Volvo, Nissan and Mitsubishi.

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