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Aramco plans to invest in new powertrain tech company

REUTERS/Hamad I Mohammed
The new company aims to have an annual production capacity of more than 5m internal combustion, hybrid and plug-in hybrid engines and transmissions

Saudi Aramco has signed a letter of intent to become a potential minority stakeholder in a new powertrain technology company (PWT) to be established by Geely Holding Group and Renault Group, the oil company said in a statement. 

The new company will focus on internal combustion and hybrid powertrain technologies.

Aramco’s investment will contribute to key research and development across synthetic fuels solutions and next-gen hydrogen technologies. Geely and Renault Group are expected to retain equal equity stakes in the new independent entity.

With a global network of 17 powertrain plants and five research and development centres across three continents, the planned company will be a standalone global supplier with a combined capacity of over five million internal combustion, hybrid and plug-in hybrid engines and transmissions per year, supplying over 130 countries and regions.

Mohammed Y. Al Qahtani, executive vice president of downstream, Aramco, said: “Our planned collaboration with Geely and Renault would support the development of powertrains across the automotive industry, and aligns with our broader efforts across our global operations.”