Saudi Aramco will acquire a 10% stake in Horse Powertrain, a thermal engines joint venture between Renault and Geely. The deal values the company at €7.40 billion ($7.93 billion). Horse Powertrain will supply gasoline engines, hybrid systems, and gearboxes. Geely and Renault will each own around 45% of the venture. This investment aims to stabilize legacy automaker investments amidst a global shift to electric vehicles. The European Commission has imposed duties on Chinese electric car imports, affecting market dynamics. Aramco had initially signaled a 20% stake but has settled for 10%. The joint venture was formally established on May 31.

Automotive, Energy, Private Equity & Investment,Saudi Arabia, France, China, European Union

https://www.zawya.com/en/markets/equities/saudi-aramco-to-buy-10-stake-in-renault-geely-thermal-engines-venture-kbhokymy