Following the joint venture agreement signed on July 11, 2023, and after having obtained the approval of the relevant authorities, Renault Group and Geely have officially created Horse Powertrain Limited, headquartered in London, United Kingdom, and with each group holding a 50% stake in the new company. As of May 31, 2024, the respective operational entities of Horse Powertrain Limited, namely Horse (a subsidiary of the Renault Group) and Aurobay (a subsidiary of Geely), will be de-consolidated respectively from Renault Group and Geely.
The new company will function fully autonomously in developing future powertrain technologies covering all types of hybrid solutions – full hybrids and long-range plug-in hybrids as well as internal combustion engines that use alternative fuels such as ethanol, methanol, LPG, CNG, hydrogen, etc. The company will supply multiple customers, including the Renault Group, Geely Auto, Volvo Cars, Proton, Nissan and Mitsubishi Motors Company.
Matias Giannini will serve as the CEO of Horse Powertrain Limited, and the company’s Board of Directors will be chaired by Daniel Li. The Board will have six directors, with equal representation from its shareholders.
The company also launched the next generation of its range extender powertrains for passenger and light commercial vehicles. The powertrain offers a 200km electric-only range, with the engine adding a further 600km of range for a total of 800km. The high-voltage battery is around half the size of a conventional EV battery, achieving cost savings, weight reduction, and reduced pressure on the critical mineral supply chain. The engine works as an onboard power source for the vehicle’s battery, powering the battery via an electric generator outputting 50kW for passenger vehicle models, and 80kW for light commercial vehicle models. It maintains the charge level of the high-voltage battery, which is used to power the electric drive motor.
Horse Powertrain Limited expects to reach €15 billion in annual revenues and production of five million powertrain units per year. The company already has 17 global plants, five R&D centres, and nine customers in 130 countries.