- Development of synthetic fuel solutions and next-gen hydrogen tech

- Annual production capability of more than five million powertrains

Saudi Aramco, the Saudi Arabian Oil Group, or simply Aramco, has announced its intent to become a potential minority stakeholder in a new powertrain technology company alongside Geely Holding Group and Renault Group. The new company formed with this alliance will be dedicated to newer low-emission internal combustion development and hybrid powertrain technologies.

Aramco’s investment is aimed at the growth of the new company, development across synthetic fuels, and next-gen hydrogen technologies. It is expected that Geely and Renault Group will retain equal equity stakes in this new independent entity. With a global network of 17 powertrain plants and five R&D centres across three continents, the planned company aims to be a standalone global supplier. It will have a combined capacity of over five million internal combustion, hybrid, and plug-in hybrid engines and transmissions per year, supplying to over 130 countries.

The new company formed by this alliance is yet to be named, and there are no official figures about the investment amount and stake of Aramco in the collaboration. According to online reports, Aramco would take a 20 per cent stake in the venture. Meanwhile, both Geely and Renault would own a 40 per cent stake each. More details are expected to surface in the coming months.