Renault and Geely launch joint battery factory in UK
Renault and Aston Martin backer Geely have announced the launch of a new UK-based powertrain technology company to produce low-emission internal combustion and hybrid engines.
An investment of up to £6 billion will be invested in the new facility, which will employ 19,000 people.
The two automakers said the new group would operate 17 engine manufacturing plants and five research and development centers on three continents, with its headquarters in Great Britain.
The goal is to produce five million ICE and hybrid engines a year, supplying companies such as Nissan, Mistubishi and Volvo, with the aim of becoming a "global leader" in the development and production of this technology.
Saudi Arabian-backed oil giant Saudi Aramco is also considering an investment and would contribute to the research and development of synthetic fuels and hydrogen technologies, according to the statement.
The announcement comes despite the global shift towards electric vehicles (EVs), with a driving ban for petrol and diesel vehicles coming into force in the UK in 2023.
Luca de Meo, CEO of Renault, declared that "faced with today's automotive challenges, no one can claim to have all the solutions, alone".
“When it comes to the global race to decarbonise road transport, there is no time to waste and it will not be business as usual.”
Geely chairman Eric Li added that the company is embarking on a "journey to become a global leader in hybrid technologies, providing low-emissions solutions to automakers around the world."
Geely itself has been at the forefront of the push into electric vehicles, doubling its stake in Aston Martin in May and partnering with the luxury car brand in a major push to produce ultra-luxury electric vehicles.
Critics of the switch to electric vehicles have pointed to the rising cost of electric cars and the car industry itself has repeatedly raised concerns about the UK's ability to compete, not least because of post-Brexit tariffs and lagging production capacity of the United Kingdom.
Stellantis warned the government in May that unless a solution is found to bring Britain's fledgling electric vehicle sector up to speed, it risks closing some of its UK plants. Stellantis is the owner of the well-known Vauxhall brand in the UK
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The article Renault and Geely launch joint battery factory in the UK comes from Economic Scenarios .
This is a machine translation of a post published on Scenari Economici at the URL https://scenarieconomici.it/renault-e-geely-lanciano-fabbrica-congiunta-di-batterie-nel-regno-unito/ on Thu, 13 Jul 2023 07:00:19 +0000.