Overview

• Aramco's investment in Horse Powertrain follows a letter of intent signed in March 2023.
• Renault and Geely each retain around 45% ownership in the venture.
• Horse Powertrain will supply gasoline engines, hybrid systems, and gearboxes.
• The deal comes amid uncertainties in the electric vehicle market and rising production costs.
• The European Commission plans to impose additional duties on imported Chinese electric cars starting in July.