France's Renault and China's Geely have entered into a strategic partnership to take the lead in hybrid powertrains and internal combustion engines for road transport.
To achieve the goal, the two auto giants will organize a joint venture on a parity basis, which will manage five engineering and design centers in different parts of the world and 17 factories in three countries.
The total number of employees at the enterprise only at the initial stage is about 19 thousand, and the volume of production is at least 5 million units of products.
The company will not be limited to deliveries for Renault, Geely and their subsidiaries and strategic partners, but will be open to work with any automakers.
Commenting on the new beginning, Renault CEO Luca di Meo stressed that his company thus meets the main challenge of the coming era - technological dependence and soberly assesses the prospects for the development of a mass automotive industry that will remain based on internal combustion engines and hybrid transmissions for several decades to come.
Renault has found a new global partner
