Renault and Geely engine firms to have headquarters in the UK
A new international firm launched by French motor giant Renault and Geely, Chinese carmaker is set to have its headquarters in the UK.
The companies will invest up to €7bn ($7.7bn; £6bn) to create low-emission petrol, diesel and hybrid motors.
It will hire nearly 19,000 workers at its 17 engine factories and five research and development corners. The agreement comes even as much of the international motor industry is diverting its emphasis to developing electric cars.
Renault and Geely said in a report that the new firm will use its UK headquarters to “consolidate operations, build on synergies, and define future plans.”
The company will be launched after this year and supply engines to automobile makers such as Volvo, Nissan and Mitsubishi.
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“We are proud to join forces with a great company like Geely… to disrupt the game and open the way for ultra low-emissions ICE [internal combustion engine] technologies,” Renault chief executive Luca de Meo stated.
Geely Holding Group chairman Eric Li said it intended “to become a global leader in hybrid technologies, providing low-emission solutions for automakers worldwide.”
The companies even said Saudi energy giant Aramco might join the experience and that it was “evaluating a strategic investment”. Aramco – the planet’s most prominent oil and gas business – is a significant emitter of greenhouse gases contributing to climate change.
Earlier this year, Aramco’s president and chief executive Amin Nasser said the business would increase its investments in lower-carbon techs.
The Renault-Geely agreement comes as demand for electric cars grows in countries worldwide, including the UK.
