When BNP Paribas advised Chinese automaker Geely on the €7.4 billion ($8.3 billion) formation of Horse Powertrain – a joint venture (JV) with French automaker Renault – in May 2024, the deal was more than a corporate reshuffle. It marked a strategic pivot for both companies: offloading legacy combustion engine assets to focus on electric vehicles (EVs).
Headquartered in London, the Horse JV consolidates Geely and Renault’s powertrain operations across 17 factories in 12 countries. Focused on developing efficient combustion engines and hybrid systems, the venture projects annual revenues of €15 billion and has capacity to produce five million powertrains annually.
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