joint venture
A joint venture (JV) is a business entity created by two or more parties, generally characterized by shared ownership, shared returns and risks, and shared governance. Companies typically pursue joint ventures for one of four reasons: to acces ...
that is set to develop and manufacture
internal combustion engine
An internal combustion engine (ICE or IC engine) is a heat engine in which the combustion of a fuel occurs with an oxidizer (usually air) in a combustion chamber that is an integral part of the working fluid flow circuit. In an internal combus ...
d and hybrid powertrains. It would be owned by
Renault
Groupe Renault ( , , , also known as the Renault Group in English; legally Renault S.A.) is a French multinational automobile manufacturer established in 1899. The company produces a range of cars and vans, and in the past has manufactured ...
and
Geely
Zhejiang Geely Holding Group Co., Ltd (ZGH), commonly known as Geely (吉利 "auspicious"), is a Chinese multinational automotive company headquartered in Hangzhou, Zhejiang. The company is privately held by Chinese billionaire entrepreneu ...
.
Tentatively named ''Horse project'' by Renault, the proposed 50-50 partnership is set to develop develop the new powertrains in five global research and development centers. The Renault Group and Geely namesake brands would be the first to receive the powertrains and they would later be supplied to
Dacia
Dacia (, ; ) was the land inhabited by the Dacians, its core in Transylvania, stretching to the Danube in the south, the Black Sea in the east, and the Tisza in the west. The Carpathian Mountains were located in the middle of Dacia. It thus r ...
,
Volvo
The Volvo Group ( sv, Volvokoncernen; legally Aktiebolaget Volvo, shortened to AB Volvo, stylized as VOLVO) is a Swedish multinational manufacturing corporation headquartered in Gothenburg. While its core activity is the production, distributio ...
,
Lynk & Co
Lynk & Co () is a Chinese-Swedish automobile brand owned by Geely Automobile Holdings. Founded in Gothenburg, Sweden in 2016, the focus of the brand is on internet connectivity and innovative purchasing models, and targets a young professional dem ...
and
Proton
A proton is a stable subatomic particle, symbol , H+, or 1H+ with a positive electric charge of +1 ''e'' elementary charge. Its mass is slightly less than that of a neutron and 1,836 times the mass of an electron (the proton–electron mass ...
cars, as well as
Nissan
, trade name, trading as Nissan Motor Corporation and often shortened to Nissan, is a Japanese multinational corporation, multinational Automotive industry, automobile manufacturer headquartered in Nishi-ku, Yokohama, Japan. The company sells ...
and
Mitsubishi Motors
is a Japanese multinational automobile manufacturer headquartered in Minato, Tokyo, Japan. Sourcing to third parties is also part of the plan.