Aramco Acquires 10% Stake in Renault-Geely Engine Venture

The joint venture, valued at €7.4 billion, aims to innovate in gasoline and hybrid powertrains as EV market faces challenges.

• 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.

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