Renault SA and China’s Geely Automobile Holdings are working to finalise a deal to bring Saudi Arabian state oil producer Aramco in as an investor and partner to develop and supply gasoline engines and hybrid technologies, three people with knowledge of the talks said.
The Saudi oil producer has been involved in advanced discussions to take a stake of up to 20 per cent in a previously announced but still-unnamed Geely-Renault powertrain technology company that the automakers are working to establish, the three people told Reuters.
According to a document prepared by the companies and viewed by Reuters, the aim is to establish this year a powertrain company with a production capacity of more than 5 million “low-emission and hybrid engines and transmissions” annually.
