Renault, Geely expect to finalize engines tie-up this month ‒ report

Renault's unit Horse and Geely could end up with 40% of the joint venture each, with the remaining 20% going to Aramco

According to a Reuters report dated Feb.9, French carmaker Renault and Chinese rival Geely are expected to finalize a joint venture for their combustion and hybrid engines toward the end of February, two sources close to the matter told Reuters. At the same time, Saudi Aramco is set to announce the signing of a memorandum of understanding to invest in the venture, one of the sources said, a move that would confirm Aramco's letter of intent from March last year.