French Renault and China's Geely have formed a 50-50 JV (Joint Venture) for seven billion euros (US$7.1 billion) with the aim of leading the market in next-generation hybrid and highly efficient powertrain solutions, according to Renault's press release on July 11. Aramco has also made a strategic investment in this new JV, as announced in March 2023. The new company will consist of 17 engine plants, five R&D centers, and 19,000 employees across three continents, providing powertrain solutions to multiple OEMs (Original Equipment Manufacturers). With an annual production capacity of up to five million engines and transmissions, the joint venture plans to make five million ICE (Internal Combustion Engine) cars, hybrid, and plug-in hybrids (Electric Vehicles). Beside themselves, the new JV will supply top-quality powertrains to global brands, including Volvo Cars, Proton, Nissan, Mitsubishi Motors and Punch Torino. The transaction is expected to be completed in the second half of 2023, subject to regulatory approvals.