Renault and Geely form a 50-50 joint venture, HORSE Powertrain, in the UK to develop hybrid and combustion powertrains.

Renault and Geely announce a new company, HORSE Powertrain, to develop hybrid and combustion powertrains. The joint venture, headquartered in the UK, aims to lead the market for hybrid and combustion powertrain components and systems with state-of-the-art technologies including engines, transmission, hybrid systems, and batteries. Renault and Geely each have 50% stake in the new company. HORSE Powertrain expects to reach approximately €15 billion in annual revenues and produce around 5 million powertrain units per year.