Aramco has committed to becoming “a possible minority stakeholder” in the company by signing a letter of intent.
The three companies said Thursday that oil giant Saudi Aramco is getting ready to partner with automakers Geely and Renault in a new joint venture for internal combustion and hybrid vehicles.
According to the joint statement, Aramco has signed a letter of intent “to become a possible minority stakeholder” in the business.
Renault, a French automaker, announced in November that it would work with Geely, a Chinese automaker, to develop and produce engines, gearboxes, and other parts for hybrid, gasoline, and diesel vehicles.
Renault announced the 50/50 collaboration known as “Horse” as part of a comprehensive reorganisation as it grows its electric vehicle business.
According to the release, Aramco’s investment would “contribute to essential research and development spanning synthetic fuels solutions and next-gen hydrogen technology”.
