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(AOF) – Aramco will acquire a 10% stake in the capital of Horse Powertrain Limited, the global engine and transmission company created by Renault Group and China’s Geely. The final agreement values the company at 7.4 billion euros: Renault Group and Geely each retain a 45% stake. Horse Powertrain Limited’s annual production is expected to reach five million powertrains, encompassing a comprehensive portfolio of cutting-edge technologies for its partners worldwide.
This investment will strengthen Aramco’s contribution to the global energy transition through the development and commercialization of more sustainable mobility solutions. The agreements also include collaboration agreements for Aramco and Valvoline on technologies, fuels and lubricants to collectively improve HORSE Powertrain Limited’s performance in combustion engines.
This company launched at the end of May and based in London is focused on the development and production of solutions and systems for combustion engines, transmissions, hybrid systems and batteries.
At the launch, the two partners were expecting annual sales of around 15 billion euros and production of 5 million powertrains per year.
Horse is expected to employ some 19,000 people across 17 production sites and five research and development centres worldwide.
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A French market in good shape
The French automobile market recorded its tenth consecutive month of growth in October 2023 with 152,383 registrations of new passenger vehicles (+22% year-on-year). It increased by 16.49% over the first 10 months of 2023, with 1.44 million registrations, almost as many as in 2022 (1.52 million) but much less than the level of 2019 (2.2 million ). However, the forecast indicators are not good because new orders fell by 13% at the end of September 2023. The slowdown in orders could be explained by inflation, the rise in interest rates, and more prudent management of their cash flow by companies (half of the market). If Stellantis (Peugeot, Citroën, Fiat, Opel, Jeep) remains the leader of the French market, with a market share greater than 28%, the Renault group (Renault, Dacia, Alpine) benefited from good performances in October 2023, with almost 31% additional new registrations over one year. The French group represents 24.6% of the private car market.
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