Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

New Renault-Geely engine firm to have headquarters in UK

by July 12, 2023
July 12, 2023
New Renault-Geely engine firm to have headquarters in UK

A new global company being launched by French motor giant Renault and Chinese carmaker Geely is set to have its headquarters in the UK.

The firms will invest up to €7bn ($7.7bn; £6bn) to develop low-emission petrol, diesel and hybrid engines.

It will employ about 19,000 workers at its 17 engine factories, as well as five research and development hubs.

The deal comes even as much of the global motor industry is shifting its focus to developing electric vehicles.

Renault and Geely said in a statement that the new company will use its UK headquarters to “consolidate operations, build on synergies, and define future plans.”

The firm will be launched later this year and supply engines to car makers such as Volvo, Nissan and Mitsubishi.

“We are proud to join forces with a great company like Geely… to disrupt the game and open the way for ultra low-emissions ICE [internal combustion engine] technologies,” Renault chief executive Luca de Meo said.

Geely Holding Group chairman Eric Li added that it planned “to become a global leader in hybrid technologies, providing low-emission solutions for automakers around the world.”

The firms also said Saudi energy giant Aramco may join the venture and that it was “evaluating a strategic investment”.

Aramco – which is the world’s biggest oil and gas company – is a major emitter of greenhouse gases that contribute to climate change.

Earlier this year, Aramco’s president and chief executive Amin Nasser said the company would increase its investments in lower-carbon technologies.

The Renault-Geely deal comes as demand for electric vehicles continues to grow in countries around the world, including the UK.

However, a typical new electric vehicle (EV) is still more expensive than an equivalent petrol or diesel car.

In recent years, Hangzhou-headquartered Geely has also been investing in making EVs.

A decade ago, it bought Coventry-based London black cab manufacturer London Taxi Company, in a deal worth £11.4m ($14.8m).

In 2017, the cab maker was renamed the London Electric Vehicle Company, to highlight its focus to switch to EV technology.

It developed London’s first electric black cab, with around 5,000 of the vehicles now on the capital’s streets.

Read more:
New Renault-Geely engine firm to have headquarters in UK

0
FacebookTwitterGoogle +Pinterest
previous post
Getting To Know You: Johann van Zyl, CEO, Cornerstone Healthcare
next post
Farm Bill Palooza

You may also like

UK inflation rises to 2.6% as interest rate...

December 18, 2024

Shein drops UK warehouse plans as doubts grow...

February 10, 2025

Vodafone and Three £15bn UK merger announced

June 14, 2023

WH Smith, M&S and Argos among hundreds fined...

June 21, 2023

From £22,000 a Year to £50,000 a Month:...

March 12, 2024

Scotland to gain two new freeports in Firth...

January 16, 2023

‘SMEs Navigate Unprecedented ‘Poly-Crisis’ as Business Confidence Wavers’

November 8, 2023

What is a good age to start piano...

November 14, 2022

Where to Find Top-Tier Talent in 2024

February 16, 2024

Navigating Success: The Vital Role of Business Market...

September 9, 2023

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • US and China hold London talks to ease trade war tensions

      June 9, 2025
    • British fathers urged to join landmark ‘dad strike’ over poor paternity leave

      June 9, 2025
    • IVF parents should have right to paid fertility leave, says GMB union

      June 9, 2025
    • Reform UK clashes with Bank of England over interest payments to lenders

      June 9, 2025
    • Trump ally stands firm against ‘big, beautiful bill’ despite pressure: ‘It’ll completely backfire’

      June 8, 2025
    • Rubio condemns assassination attempt on Colombian presidential candidate Miguel Uribe

      June 8, 2025

    Categories

    • Business (8,156)
    • Investing (2,019)
    • Politics (15,571)
    • Stocks (3,136)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved