Energy Aramco plans stake in Renault’s future thermal engine business By Reuters September 2, 2022, 5:25 AM REUTERS/Sarah Meyssonnier Renault logo at a Paris dealership. The company owns about 43 percent of Nissan Saudi Aramco could take a stake in the future thermal engine business that Renault plans to separate from its electric vehicle (EV) division, a source familiar with the matter said on Thursday. Reuters reported on Tuesday that China’s Geely Automobile Holdings and an oil group were in talks over taking stakes in the fossil-fuel engine business. Renault’s alliance partner, Japanese carmaker Nissan , does not plan to take a stake in the combustion engine business, two sources said. The Saudi state oil company declined to comment. Renault is due to unveil plans this autumn for creating an EV-dedicated business based in France and another that will bring together all of its petrol and hybrid engine and transmissions production sites in Spain, Portugal, Turkey, Romania and Latin America. By sharing costs for diesel and gasoline engines that are set to decline as EV sales rise, Renault hopes to free up funds to reinvest in electric models, a technology it pioneered with Nissan and Mitsubishi, but where it has fallen behind the likes of Tesla. Register now: It’s easy and free AGBI registered members can access even more of our unique analysis and perspective on business and economics in the Middle East. Why sign uP Exclusive weekly email from our editor-in-chief Personalised weekly emails for your preferred industry sectors Read and download our insight packed white papers Access to our mobile app Prioritised access to live events Register for free Already registered? Sign in I’ll register later Register now: It’s easy and free AGBI registered members can access even more of our unique analysis and perspective on business and economics in the Middle East. Why sign uP Exclusive weekly email from our editor-in-chief Personalised weekly emails for your preferred industry sectors Read and download our insight packed white papers Access to our mobile app Prioritised access to live events Register for free Already registered? Sign in I’ll register later
