Volvo and Renault will build combustion engines with Aramco

Volvo and Renault will build combustion engines with Aramco

Geely (parent company of Lotus and Volvo, among others) and the Renault Group are not small players. And because they produce more than 1,000 cars in a few years, they must also switch to an electric range in 2035. And yet the two want to work together to start a new company for combustion engines and PHEV powertrains. And Aramco is very interested in that.

In November last year, Geely and the Renault Group announced that they want to establish an additional company together. This new corporation must build combustion engines, hybrid powertrains and gearboxes. Production capacity is up to five million units per year. The parts must go to 130 countries and come from seventeen factories.

Also interested in hydrogen and synthetic fuel

Geely and Renault are also researching synthetic fuel. Very useful if you are still producing five million combustion engines a year. Hydrogen has also sparked interest in the partnership. Aramco finds it all very interesting and relevant Reuters Aramco wants a 20 percent stake in the new company.

What is Aramco?

Aramco is a Saudi state oil company. The company is trying to gain popularity through sponsorship in motorsport. You’ve probably seen the name floating around in F1. In addition, Aramco is the title sponsor of the Aston Martin F1 team. Now the company also wants to invest in Geely and Renault.