Geely and Renault to start a new JV with Aramco as a potential investor

China’s Geely Holding Group and French car maker Renault SA will invest up to EUR 7 billion in a new equally held joint venture to develop gasoline engines and hybrid technology for automobiles. The JV is expected to supply multiple industrial customers including Volvo, Proton, Nissan, Mitsubishi Motors, and PUNCH Torino. Saudi Aramco, which signed a letter of intent with Renault and Geely in March, is evaluating a strategic investment in the new company.