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Renault Group and Geely Holding have announced the official creation of HORSE Powertrain Limited. This new company will focus on hybrid and combustion powertrain technologies, aiming to lead the market with innovative solutions. Each company holds a 50% stake, and Matias Giannini has been appointed as CEO.
Key Highlights
- Leadership: Matias Giannini is appointed as CEO. The board of directors will be chaired by Daniel Li.
- Market Focus: The company will specialize in hybrid and combustion powertrain components and systems.
- Revenue and Production Goals: HORSE Powertrain aims to reach approximately €15 billion in annual revenues and produce around 5 million powertrain units per year.
- Global Presence: The company is set to have a comprehensive portfolio of state-of-the-art powertrain technologies for global partners.
Partnership and Vision
Renault Group CEO Luca de Meo emphasized the importance of this partnership in tackling automotive industry’s challenges, especially the decarbonization of road transport. He stated, “Partnering with a leading company like Geely to create a new player with the capability and expertise to develop ultra-low emission internal combustion engines and high economy hybrid technologies is key for the future.”
See also: Geely and Renault Group to Create Leading Powertrain Technology Company
Geely Holding Chairman Eric Li highlighted the importance of global synergies and multiple technologies in achieving net-zero emissions. He noted, “HORSE Powertrain Limited will have the portfolio, scale, and capacity to offer the low-emission solutions the automotive industry of tomorrow demands.”
Technological Advancements
HORSE Powertrain Limited will leverage the transfer of intellectual property from both Renault Group and Geely. This autonomy allows the company to develop future powertrain technologies, including alternative fuels such as green methanol, ethanol, and hydrogen. The joint venture aims to cover 80% of the growing global hybrid and combustion powertrain market.
Customer Base and Global Reach
HORSE Powertrain will serve a diverse range of industrial customers, including Renault Group, Geely Auto, Volvo Cars, Proton, Nissan, and Mitsubishi Motors Company. With 17 global plants, 9 customers in 130 countries, and 5 R&D centers, the company is well-positioned to deliver comprehensive powertrain solutions worldwide.
Governance and Leadership
Renault Group and Geely have established a robust governance structure for HORSE Powertrain Limited. Matias Giannini will lead the company as CEO, supported by Lee Ma as Chief Financial Officer and Juan Ferrera as Chief Human Resources Officer. The board of directors includes three members from each shareholder, ensuring balanced representation and strategic oversight.
Matias Giannini’s Background
Matias Giannini brings extensive experience from his previous roles at Vitesco Technologies AG and Continental AG. With a career spanning 25 years, Giannini has held various key leadership positions in engineering, project management, operations, purchasing, supply chain, and sales and marketing. His expertise will be instrumental in steering HORSE Powertrain Limited towards success.
About Renault Group
Renault Group is a pioneer in sustainable mobility solutions, leveraging its alliance with Nissan and Mitsubishi Motors. The Group, which sold over 2.235 million vehicles in 2023, aims to achieve carbon neutrality in Europe by 2040.
About Zhejiang Geely Holding Group
Founded in 1986, Geely Holding is a global automotive group with a strong presence across the automotive value chain. The company sold nearly 2.8 million vehicles in 2023 and employs over 130,000 people worldwide.
About Geely Automobile Holdings Limited
Geely Automobile Holdings Limited focuses on developing, manufacturing, and selling passenger vehicles. Listed on the Hong Kong Stock Exchange, the company has expanded its market presence both domestically and internationally.
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