Saudi Aramco invests in engine production with Renault and Geely-Corriere.it

Saudi Aramco has signed a letter of intent with Renault and China’s Geely to become a minority shareholder in their joint venture Horse, (currently 50/50 between the two companies) which produces petrol and hybrid engines. An investment planned to support the development, in particular, of synthetic fuels and new generation hydrogen.

Oil and cars

Saudi Aramco among the largest oil companies in the world and the first to invest in the automotive sector. It is 100% owned by the Saudi government, with a turnover exceeding 400 billion dollars, becoming, in 2022, the largest company by market capitalization, surpassing Apple. “The partnership with Aramco – said Luca de Meo, CEO of the Renault group – will allow us to intensify the business of the engines that we are planning with Geely and will allow us to take advantage of the race for thermal technology with very low emissions”.

Production capacity of 5 million engines and transmission

This agreement will lead to a production capacity of at least five million combustion, hybrid and plug-in hybrid transmissions and engines. By creating specific subsidiaries, detailed in the Rvolution plan, presented at the end of 2022, Renault divides industrial efforts, consequently lowering costs, for now it has also activated Ampere dedicated to electric cars, shared by its ally Nissan.