• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 9 days Does Toyota Know Something That We Don’t?
  • 3 days America should go after China but it should be done in a wise way.
  • 9 days World could get rid of Putin and Russia but nobody is bold enough
  • 11 days China is using Chinese Names of Cities on their Border with Russia.
  • 3 hours "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
  • 16 hours Even Shell Agrees with Climate Change!
  • 11 days CHINA Economy Disaster - Employee Shortages, Retirement Age, Birth Rate & Ageing Population
  • 2 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 3 days How Far Have We Really Gotten With Alternative Energy
  • 12 days Putin and Xi Bet on the Global South
  • 12 days "(Another) Putin Critic 'Falls' Out Of Window, Dies"
U.S. Oil Drilling Sees 6-Rig Gain

U.S. Oil Drilling Sees 6-Rig Gain

The total number of active…

Renault And Geely Launch Powertrain Tech Company In UK

Renault and Aston Martin backer Geely have announced the launch of a new UK-based powertrain technology company, to manufacture low-emission hybrid and internal combustion engines.

An investment of up to £6bn will injected into the new outfit, which will employ 19,000 workers.

The two automakers said the new group would operate 17 engine plants and five R&D hubs across three continents, with the firms’ headquarters located in Britain.

It will aim to produce five million ICE’s and hybrid engines yearly – supplying companies including Nissan, Mistubishi and Volvo – with the goal of becoming a “global leader” in developing and manufacturing the technology.

The Saudi-backed oil titan Saudi Aramco is also evaluating an investment, according to the statement, and would contribute research and development for synthetic fuel and hydrogen tech.

The announcement comes despite a global shift towards electric vehicles (EVs), with a ban on petrol and diesel vehicles set to come into force in the UK in 2023.

Luca de Meo, Renault’s Chief Executive Officer, said “facing today’s automotive challenges, no one can claim to have all the solutions, alone.”

“When it comes to the global race for decarbonizing road transports, there is no time to lose, and it will not be business as usual.”

Geely chairman Eric Li added that the company was embarking on a “journey to become a global leader in hybrid technologies, providing low-emission solutions for automakers around the world.”

Geely itself has been at the forefront of the EV push, doubling its stake in Aston Martin in May while working with the luxury car marque on a major push to produce ultra-luxe EVs.


Critics of the EV switch have highlighted the rising cost of electric makes, with the automotive industry itself repeatedly raising concerns over the UK’s ability to compete – not least because of post-Brexit tariffs and the UK’s lagging home manufacturing capacity.

Stellantis warned the government in May that unless a solution is found to bring Britain’s nascent EV sector up to speed, it risked closing some of its UK factories.

By Guy Taylor via CityAM

More Top Reads From Oilprice.com:

Join the discussion | Back to homepage

Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News