A joint venture between French car manufacturer Renault and Chinese counterpart Geely has decided to base its headquarters in the UK.
The newly formed company will employ roughly 19,000 workers across 17 engine factories and five research and development hubs, according to a statement.
Renault and Geely said the UK headquarters will base its executive team to “consolidate operations, build on synergies and define future plans”.
Yesterday, the pair confirmed that they will be investing roughly US$7.7bn into the JV aimed at creating engines for hybrid and gasoline-powered vehicles.
The JV aims to produce up to 5mln internal combustion, hybrid and plug-in hybrid engines and transmission a year, and will supply multiple brands worldwide, they said.
Aramco, the Saudi oil group, is also evaluating a strategic investment in the company that would support growth, the statement said.
“Today, we are proud to join forces with a great company like Geely to set up a new player, up to the challenge, able to disrupt the game and open the way for ultra-low emissions ICE technologies,” said Renault CEO Luca de Meo.
“With this agreement, we reiterate our commitment to leveraging our group-wide technological expertise and brand portfolio to pioneer the journey to greater sustainability and value creation which will lead to better consumer experiences,” added Geely chairman Eric Li.