Aramco to buy 10% stake in Renault-Geely thermal engines venture

Quick Summary:

:Oil producer Saudi Aramco will buy a 10 per cent stake in a thermal engines joint venture between French carmaker Renault and Chinese automaker Geely, the companies said on Friday, valuing the business at 7.40 billion euros ($7.93 billion).

Horse Powertrain was formally established on May 31.

The investment comes as the global electric-vehicle market struggles with worries around demand and rising production expenses.

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Article Details

Category: EconomyBusiness

Markets: SingaporeSaudi Arabia

Topics: Stake Thermal Engines Aramco Saudi Renault Cent Venture Joint Horse Powertrain

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-06-28 @ 22:57:00 (2 days ago)

News Timezone: GMT +8:00

News Source URL: channelnewsasia.com

Language: English

Article Length: 318 words

Reading Time: 2 minutes read

Sentences: 13 lines

Sentence Length: 25 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Channel News Asia

News ID: 21411908

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About Channel News Asia

Main Topics: EconomyBusiness

Official Website: channelnewsasia.com

Update Frequency: 24 posts per day

Year Established: 1999

Headquarters: Singapore

News Last Updated: 45 minutes ago

Coverage Areas: Singapore

Ownership: Independent Company

Publication Timezone: GMT +8:00

Content Availability: Local / Regional

News Language: English

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Publisher ID: #27

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