ARAMCO SIGNS LETTER OF INTENT WITH GEELY AND RENAULT GROUP FOR NEW POWERTRAIN COMPANY TO FOCUS ON LOWER EMISSION TECHNOLOGIES
>> Planned Aramco investment would support development of synthetic fuel solutions, and next-gen hydrogen technologies
>> New company aims to have an annual production capability of more than five million internal combustion, hybrid and plug-in hybrid engines and transmissions per year
Dhahran, Saudi Arabia, Hangzhou, Hong Kong SAR, China, Boulogne-Billancourt, France — Aramco has signed a letter of intent to become a potential minority stakeholder in a new powertrain technology company (PWT), to be established by Geely Holding Group (Geely Holding), Geely Automobile Holdings Limited (Geely Auto HK.0175) — collectively referred to as "Geely" — and Renault Group. The new company will be dedicated to internal combustion and hybrid powertrain technologies.
Aramco’s investment would support the growth of the company, and contribute to key research and development across synthetic fuels solutions and next-gen hydrogen technologies. It is expected that Geely and Renault Group retain equal equity stakes in the new independent entity.
With a global network of 17 powertrain plants and five R&D centers across three continents, the planned company is intended to be a standalone global supplier with a combined capacity of over five million internal combustion, hybrid and plug-in hybrid engines and transmissions per year, supplying over 130 countries and regions.
Daniel Li, CEO of Geely Holding Group, said: "We welcome Aramco in joining us in the creation of a globally leading sustainable powertrain company. The proposed investment by Aramco represents recognition from global industry leaders in the PWT’s future business prospects and vision for pioneering low and carbon-free fuels such as methanol and hydrogen."
Luca de Meo, CEO of Renault Group said: "This partnership with Aramco will raise our joint Powertrain company together with Geely Group to the next level and give it a head start in the race towards ultra-low-emissions ICE powertrain technology. Aramco’s entry brings to the table unique know-how that will help develop breakthrough innovations in the fields of synthetic fuels and hydrogen."
Mohammed Y. Al Qahtani, Aramco Executive Vice President of Downstream, said: "This letter of intent represents a new milestone in our ongoing commitment to transportation technologies and presents a platform to support Aramco’s research and development in engine innovation. Our planned collaboration with Geely and Renault would support the development of powertrains across the automotive industry, and aligns with our broader efforts across our global operations."
GEELY HOLDING JOINS DRIVE SUSTAINABILITY
Brussels, Belgium – The Chinese multinational automotive group Geely Holding Group (Geely) has become partner of the leading collaborative platform Drive Sustainability, facilitated by CSR Europe. Geely will work together with the other eleven Original Equipment Manufacturers – BMW Group, Daimler Truck, Ford, Honda, Jaguar Land Rover, Mercedes-Benz, Scania, Toyota, Volkswagen, Volvo Car, and Volvo Group – to lead the transformation towards a circular and sustainable automotive value chain.
"We are thrilled to welcome Geely Holding Group in CSR Europe’s leading collaborative platform Drive Sustainability. The sustainability agenda towards 2030 and 2050 is by necessity both a leadership and collaborative program. Only when leading companies like Geely engage within their value chain and work together with their sector-peers and other stakeholders, sustainability impact at scale can be reached. Geely’s participation will strengthen the common voice of Original Equipment Manufacturers across the world for a circular and sustainable automotive value chain." says Stefan Crets, CSR Europe Executive Director.
Geely will also join Drive Sustainability’s Sustainability Assessment Questionnaire (SAQ), Drive Sustainability’s China local network (DS China), as well as participation in the development and implementation of new activities under the scope of Drive Sustainability’s long-term strategy.
GEELY HOLDING WELCOMES USD 750 MILLION A-SERIES FUNDRAISING AT ZEEKR, VALUING PREMIUM ELECTRIC MOBILITY BRAND AT USD 13 BILLION
Hangzhou, China. Zhejiang Geely Holding Group (Geely Holding), China’s largest private-owned automotive group, today welcomed a USD 750 million A-Series fundraising at ZEEKR Intelligent Technology (Zeekr), the premium pure play electric mobility brand within the Geely Holding portfolio.
On completion of the investment by five investors – Prof. Amnon Shashua, Contemporary Amperex Technology Ltd (CATL), Yuexiu Industrial Fund, Tongshang Fund and Xin’an Intelligent Manufacturing Fund – Zeekr will be valued at USD $13 billion USD.
Zeekr will use the funds raised in Series-A to accelerate global development of its propriety technologies whilst also aiming to expand its global market footprint by entering the European market in 2023.
Daniel Donghui Li, CEO of Geely Holding Group said: "The Series-A fundraising is a vote of confidence in the growth prospects and strong future of Zeekr, which becomes the latest brand in the Geely Holding portfolio to secure a strong valuation. Geely Holding will continue to explore ways to unlock value across our portfolio as we pioneer new services and mobility solutions to meet customer demand across the world."
Zeekr was established on April 15th, 2021 as a global luxury EV brand with R&D capacity in Gothenburg, Sweden and Hangzhou, China. Zeekr began deliveries of its flagship Zeekr 001 in October 2021, delivering over 80,000 units to date. In January 2023, Zeekr started shipment of its Zeekr 009 full-size EV MPV to users.