Jul 12, 2023

New Renault-Geely engine firm to have headquarters in UK

A new global company being launched by French motor giant Renault and Chinese carmaker Geely is set to have its headquarters in the UK. The firms will invest up to €7bn to develop low-emission petrol, diesel and hybrid engines. Renault and Geely said in a statement that the new company, which will be launched later this year, will supply engines to car makers such as Volvo, Nissan and Mitsubishi. "We are proud to join forces with a great company like Geely... to disrupt the game and open the way for ultra low-emissions ICE technologies," Renault chief executive Luca de Meo said. The Renault-Geely deal comes as demand for electric vehicles continues to grow in countries around the world, including the UK. However, a typical new electric vehicle is still more expensive than an equivalent petrol or diesel car. A decade ago, it bought Coventry-based London black cab manufacturer London Taxi Company, in a deal worth £11.4m. In 2017, the cab maker was renamed the London Electric Vehicle Company, to highlight its focus to switch to EV technology.

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