Renault, China’s Geely announced powertrain joint venture

BEIJING (AP) — Renault SA and China’s Geely say they plan to launch a joint venture to produce gasoline-powered and hybrid powertrains, adding to a series of partnerships between global automakers to share soaring technology costs. The companies said the venture will have 17 plants with annual production capacity of 5 million powertrains, five research and development centers on three continents and some 19,000 employees. They gave no financial terms but said each partner will own half of the venture. The venture will supply brands owned by or linked to Renault and Geely including Nissan, Mitsubishi, Volvo Cars, Renault, Dacia, Geely Auto, Lynk & Co. and Proton. The companies said it might later supply third-party brands.