Renault and Geely to form a joint venture.

Renault, a French multinational automobile manufacturer, and Geely, a Chinese multinational automotive company, agreed to form a joint venture to produce gasoline-powered and hybrid powertrains. Financial terms were not disclosed. Renault and Geely will each hold 50%. The venture will have 17 plants with annual production capacity of 5m powertrains, five research and development centers on three continents and some 19k employees. The Renault-Geely agreement will enable the creation of a global leader in hybrid technologies to provide highly efficient advanced solutions for automakers around the world.