Hangzhou, Hong Kong SAR, China and Boulogne-Billancourt, France, 31 MayHoly2024 – Pursuant to a joint venture agreement signed on July 11, 2023 and after obtaining the approval of the relevant authorities, Renault Group, Geely Holding Group (Geely Holding), Geely Automobile Holdings Limited (Geely Auto) (collectively referred to above as “Geely”) have officially formed HORSE Powertrain Limited based in London, United Kingdom.
Luca de Meo, CEO of Renault Group, stated: “Today represents an important step in solving the biggest challenges facing the automotive industry: the decarbonisation of road transport. Partnering with a leading company such as Geely to create a new player with the capabilities and expertise to develop ultra-low-emission combustion engines and highly economical hybrid technologies is key for the future. Through HORSE Powertrain, Groupe Renault can achieve global leadership and scale in a sector representing more than 80% of its business. Together we will tackle the challenge of decarbonisation with innovation at the forefront of our operations.”
said Eric Li, chairman of Geely Holding: “For the industry to achieve net zero emissions in the coming decades, global synergies, diverse technologies and sharing of expertise are key. That is why we are pleased that our partnership with the Renault group is now becoming a commercial reality. HORSE Powertrain Limited will have the portfolio, scale and capacity to offer the low-emission solutions that tomorrow’s automotive industry will demand. Today’s launch marks a new chapter in sustainable mobility, and we at Geely are proud to play a part.”
Renault Group and Geely believe that a combination of different powertrain technologies, including high-efficiency internal combustion engines (ICE), lower carbon e-fuels and hydrogen, is necessary to achieve successful decarbonisation in the world, where more than half of the vehicles produced are. it is expected to still rely on internal combustion engines by 2040.
A new player that will disrupt the game and pave the way for hybrid and ultra-low emission combustion technologies
HORSE Powertrain Limited will design, develop, manufacture and market all state-of-the-art hybrid and internal combustion powertrain solutions and systems including engines, transmissions, hybrid systems and batteries.
With this project, both Renault Group and Geely will benefit from an immediate effect of scale and expanded market coverage. With the support of the transfer of intellectual property from Renault Group and Geely, HORSE Powertrain Limited is now fully autonomous in the development of future powertrain technologies capable of meeting all market expectations, especially in the field of alternative fuels such as green methanol, ethanol and hydrogen. The joint venture’s complementary product portfolio and regional footprint could offer solutions for 80% of the growing global hybrid and internal combustion powertrain market.
HORSE Powertrain will supply several industrial customers including Renault Group, Geely Auto, Volvo Cars, Proton, Nissan and Mitsubishi Motors Company. The company is ready to work with customers and partners around the world to support them with comprehensive powertrain technology solutions and welcomes partners to further strengthen the value chain.
Since day one, HORSE Powertrain Limited has been a global leader in hybrid and internal combustion powertrain solutions with:
- 17 world races
- 9 customers in 130 countries
- 5 R&D centers
- approx. 19,000 employees
- expected c. 15 billion euros in annual sales
- expected approx. 5 million units of power unit per year
- All types of hybrid solutions are covered – full hybrids and long-range plug-in hybrids as well as internal combustion engines using alternative fuels such as ethanol, methanol, LPG, CNG, H2, etc.
Management structure
Renault Group and Geely, as funding shareholders of the powertrain company, have approved a global management scheme as well as strategic appointments for HORSE Powertrain Limited.
Matias Giannini is appointed CEO of HORSE Powertrain Limited.
Lee Ma and Juan Ferrera are appointed Chief Financial Officer and Chief Human Resources Officer of HORSE Powertrain Limited.
The management of the two subgroups Aurobay and Horse, which combines the industrial know-how and assets of both companies, remains unchanged: Ruiping Wang as CEO of Aurobay based in Hangzhou Bay (China), Patrice Haettel CEO of Horse based in Madrid (Spain). They will report directly to Matias Giannini.
The Board of Directors of HORSE Powertrain Limited consists of 6 members:
- Three directors from Geely: Daniel Li (Vice Chairman of Geely Auto and CEO of Geely Holding) will become Chairman of the Board of Directors, Jerry Gan (CEO Geely Auto Group) a Joe Zhang (CFO of Geely Holding).
- Three directors from the Renault Group: François Provost (Senior Director of Procurement, Partnerships and Public Affairs), Gilles Le Borgne (Chief Technology Officer) a Denis Le Vot (Dacia CEO and Chief Supply Chain Officer).
As of 31 May 2024, the respective operating entities of HORSE Powertrain Limited, namely Horse and Aurobay, will be deconsolidated from the Renault and Geely groups.
Curriculum vitae
Matias Gianniniformer Executive Vice President of Sales and member of the management team at Vitesco Technologies AG (based in Regensburg, Germany).
In his role at Vitesco Technologies, Matias led the global sales force and managed sales to all major OEMs and Tier 1s in the powertrain industry. As a member of the management team at Continental AG, he played a key role in the spin-off and full creation and transformation of Vitesco Technologies, including going public in September 2021 and managing gasoline, diesel, hybrid and fully electrified powertrain solutions. .
After an impressive 25 years of combined time between Continental AG and Vitesco Technologies, Matias has held a number of key leadership roles in engineering, project management, operations, purchasing and supply chain, and sales and marketing in North America, Germany and South America. regions, with significant achievements in growing and transforming businesses, which has prepared him very well for this new role.
Matias Giannini holds an MBA in Finance from Oakland University and a Mechanical Engineering degree from the Universidade Estadual de Campinas.