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☆ Geely, Renault strike deal to develop gasoline engines, hybrid technology
▼ + stars: | 2023-07-11 | by ( ) www.reuters.com time to read: +2 min

[1/2] The Geely logo is seen at a car dealership in Shanghai, China August 17, 2021. REUTERS/Aly SongJuly 11 (Reuters) - China's Geely Automobile Holdings (0175.HK) and French car maker Renault SA (RENA.PA) on Tuesday said they will invest up to 7 billion euros ($7.71 billion) in a new equally held joint venture to develop gasoline engines and hybrid technology for automobiles. The JV aims to have an annual production capacity of up to five million internal combustion, hybrid and plug-in hybrid engines and transmissions, Renault added. Saudi Aramco (2222.SE), which signed a letter of intent with Renault and Geely in March, is evaluating a strategic investment in the new company, Renault said. Big oil firms have worked with automakers to develop sustainable fuels and hydrogen engines in recent years.

Persons: Aly Song, Eric Li, Harish Sridharan, Nivedita Bhattacharjee, Eileen Soreng Organizations: REUTERS, Geely Automobile Holdings, HK, Renault SA, Geely Holding, Renault, Volvo, Proton, Nissan, Mitsubishi Motors, Torino, JV, Reuters, Saudi Aramco, Geely, Aramco, Thomson Locations: Shanghai, China, Saudi, Bengaluru

☆ Aston Martin's Lawrence Stroll explains why the company stock spiked this year
▼ + stars: | 2023-06-13 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailAston Martin's Lawrence Stroll explains why the company stock spiked this yearLawrence Stroll, Aston Martin executive chairman, joins 'Squawk on the Street' to discuss what Stroll will do with recent investment from Geely Automobile Holdings, whether Stroll is concerned about the relationship between the U.S. and China, and more.

Persons: Lawrence, Aston Martin Organizations: Aston, Geely Automobile Holdings, U.S Locations: China

☆ UK equities rise on upbeat global mood, BT Group tumbles on weak cash flow
▼ + stars: | 2023-05-18 | by ( Johann M Cherian | ) www.reuters.com time to read: +2 min

"There's clearly a lack of real strategy and it's not enough to just say we're going to cut costs. Vodafone Group Plc (VOD.L) earlier this week said it would cut 11,000 jobs globally over three years after it warned that a poor performance in its biggest market Germany would hit cash flow. The blue-chip FTSE 100 (.FTSE) rose 0.6%, reflecting an upbeat mood in global markets on hopes that Washington is edging closer to a deal to raise the U.S. debt ceiling and avert a default. Among other movers, luxury group Burberry Group Plc (BRBY.L) fell 6.2% as continued weakness in the United States overshadowed a stronger-than-expected fourth quarter sales driven by a rebound in China. EasyJet Plc rose 1% after the airline posted a first-half loss in line with its guidance.

☆ Renault, Geely ink pact with Aramco for engine venture
▼ + stars: | 2023-03-02 | by ( ) www.cnbc.com time to read: +1 min

The drive train system of a Renault Twingo Electric automobile on the production line at the Renault Revoz d.d. French car maker Renault signed a deal with Aramco and China's Geely Automobile Holdings in which the Saudi oil producer would become a potential minority stakeholder in a new powertrain technology company, the companies said in a joint statement on Thursday. Geely and Renault are expected to retain equal equity stakes in the new independent entity, the statement said, adding that the new company will be dedicated to internal combustion and hybrid powertrain technologies. Reuters reported in January that the car makers were working to finalize a deal to join with Aramco to develop and supply gasoline engines and hybrid technologies, citing three people with knowledge of the talks. The new company would have an annual production capacity of more than 5 million internal combustion, hybrid and plug-in hybrid engines and transmissions per year, the companies said.

☆ Geely's EV brand Zeekr raises $750 million in fresh funding round
▼ + stars: | 2023-02-12 | by ( ) www.reuters.com time to read: +1 min

SHANGHAI, Feb 13 (Reuters) - Zeekr, the electric car brand of China's Geely Automobile Holdings (0175.HK), is raising $750 million from five new and existing investors in a funding round that values the brand at $13 billion. Zeekr, which sells two purely electric car models, said in a statement on Monday that proceeds from the funding round will be used to support technology research and the global expansion of the Zeekr brand. The investors include Amnon Shashua, CEO and founder of autonomous driving technology company Mobileye Global (MBLY.O) - majority owned by Intel Corp (INTC.O) - and the Guangzhou city municipal government’s investment arm Yuexiu Industrial Fund, both new investors in the company. Supporters of the funding round also include Chinese battery maker CATL (300750.SZ), already among Zeekr's backers. Reporting by Zhang Yan and Brenda Goh; Editing by David HolmesOur Standards: The Thomson Reuters Trust Principles.

☆ Analysis: Renault cedes power at Nissan for uncertain benefits
▼ + stars: | 2023-01-30 | by ( Gilles Guillaume | ) www.reuters.com time to read: +5 min

[1/2] The Nissan logo is seen on a car wheel at Nissan Gallery in Yokohama, Japan November 29, 2021. REUTERS/Androniki ChristodoulouPARIS, Jan 30 (Reuters) - Renault and Nissan hailed a new deal announced on Monday as a major step in reviving their two decade alliance. The deal, months in the making and still subject to board approvals, will see Renault (RENA.PA) reduce its stake in Nissan to 15% from around 43%. The deal sees Nissan commit to invest in Renault's flagship Ampere electric vehicle unit, which was the French group's key goal. "It is interesting for Renault to see Nissan enter Ampere, if only for financing projects.

TOKYO/PARIS, Jan 26 (Reuters) - French car maker Renault (RENA.PA) and its Japanese partner Nissan Motor (7201.T) aim to formally unveil a deal to reshape their alliance in London on Feb. 6, two sources close to the matter told Reuters on Thursday. Renault has consistently declined to comment publicly about the talks with its Japanese partner, while a spokesperson for Nissan declined to comment on Thursday. French newspaper Le Figaro reported late on Wednesday that the companies would announce 4 to 5 joint projects to relaunch the alliance. The future shape of the Franco-Japanese alliance has implications for both companies as well as their junior partner, Mitsubishi Motors Corp (7211.T). Renault, for instance, has said it will partner with companies from China's Geely Automobile Holdings (0175.HK) to semiconductor giant Qualcomm Inc (QCOM.O).

☆ Nissan and Renault close in on overhaul of alliance
▼ + stars: | 2023-01-25 | by ( ) www.reuters.com time to read: +2 min

TOKYO/PARIS, Jan 26 (Reuters) - Nissan and Renault are closing in on a sweeping overhaul of their globe-spanning automaking alliance as top executives meet on Thursday for talks to reset the two-decade-old partnership and chart a course for an uncertain electric future. Leaders of Nissan Motor Co Ltd (7201.T) and Renault SA (RENA.PA) are meeting via video link for an alliance board meeting, sources previously told Reuters. The future shape of the Franco-Japanese alliance has implications for both companies as well as their junior partner, Mitsubishi Motors Corp (7211.T). Renault, for instance, has said it will partner with companies from China's Geely Automobile Holdings (0175.HK) to semiconductor giant Qualcomm Inc (QCOM.O). Nissan has been concerned that the technology it has developed while partnered with Renault could leak to the French automaker's partners as it restructures, Reuters has reported.

According to the document, Aramco's investment would be used to support development of decarbonization technologies for gasoline engines. SUBJECT TO BOARD APPROVALSThe oil company's deal with Geely and Renault still needs approval by the boards of the automakers, one of the people said. For Geely, the deal with Renault extends its pattern of building partnerships to expand beyond China. In that kind of arrangement, gasoline engines could be designed to operate in an "exceptionally efficient mode," one of the sources said. Geely has a previously announced a hybrid gasoline engine development deal with Mercedes-Benz (MBGn.DE) and holds a stake in the German automaker.

☆ Nissan directors endorse steps to reach deal with Renault-sources
▼ + stars: | 2023-01-17 | by ( Maki Shiraki | ) www.reuters.com time to read: +3 min

The Nissan board-level review also marked progress after three months of working-level negotiations aimed at restructuring a partnership that dates back to 1999, when Renault bailed out Nissan. The Nissan outside directors, meeting in committee, endorsed steps to try to reach an agreement between the two sides, they said. The two companies are discussing reducing Renault's stake in Nissan from the current 43% to 15%, equal to Nissan’s stake in Renault. The 28% stake in Nissan that Renault would sell would be transferred to a trust, people involved have said. At the same time, Nissan is considering investing in a new electric vehicle company that Renault aims to establish code-named Ampere.

☆ Renault to Pair Up With China’s Geely in Combustion-Engine Venture
▼ + stars: | 2022-11-08 | by ( Nick Kostov | ) www.wsj.com time to read: 1 min

PARIS—France’s Renault SA and China’s Geely Automobile Holdings Ltd. are forming a joint venture focused on gasoline-powered engines and hybrid technology, the latest example of auto makers sharing the burden of development costs as the industry grapples with the transition toward electric vehicles. Renault announced the deal Tuesday as it detailed plans to split itself into several divisions, including the combustion-engine-focused venture with Geely and another on electric vehicles and software, which it plans to spin off as soon as next year. It said it was in talks with longtime alliance partner Nissan Motor Co. about the Japanese company investing in the EV business, though didn’t provide a time frame for reaching an agreement.

Shares of Chinese companies listed in Hong Kong jumped on Friday, after U.S. officials wrapped up a crucial audit inspection in the city and a transcript circulated on social media suggesting China was considering reversing its strict coronavirus policies. The Hang Seng Index closed the day more than 5% higher after Chinese stocks in a variety of sectors saw heavy buying. Tech giant Alibaba Group Holding Ltd., vehicle maker Geely Automobile Holdings Ltd. and restaurant chain Haidilao International Holding Ltd. were all up by double-digits in percentage terms. China’s CSI 300 index ended the day up 3.3% and the Shanghai Composite Index was 2.4% higher.

TOKYO, Nov 4 (Reuters) - Nissan Motor Co's (7201.T) talks with Renault SA (RENA.PA) are focused on optimising their investment in electric vehicles and strengthening their competitiveness as equal partners, the Japanese automaker's CEO told Reuters on Friday. Nissan Chief Executive Makoto Uchida declined to comment on whether an agreement could be reached this month. But he said he was talking with Renault Chief Executive Luca de Meo every weekend and the talks would be "ongoing for the future." Nissan is also considering investing in Renault's planned electric vehicle unit, the companies said. "We want it to be an equal partnership," Uchida said, adding that an "equal partnership would make sense and that would speed up the collaboration even more."

☆ Nissan, Renault talks focused on optimising EV investments-Nissan CEO
▼ + stars: | 2022-11-04 | by ( ) www.reuters.com time to read: +2 min

TOKYO, Nov 4 (Reuters) - Nissan Motor Co's (7201.T) negotiations with its partner and top shareholder Renault SA (RENA.PA) are focused on optimising their investment in electric vehicles and improving the competitiveness of the alliance, the Japanese automaker's CEO told Reuters on Friday. Negotiations between Renault and Nissan are ongoing with less than two weeks remaining to meet a Nov. 15 target the automakers had set to reach a deal, according to people with knowledge of the talks. Nissan's Chief Executive Makoto Uchida declined to comment on the timing of potential deal with Renault and whether it can be done this month. Nissan is considering investing in Renault's planned electric vehicle unit, the companies said last month. That unit includes Renault production sites in Spain, Portugal, Turkey, Romania and Latin America.

☆ Chinese automaker Geely's new energy brand Farizon raises over $300 mln
▼ + stars: | 2022-10-26 | by ( ) www.reuters.com time to read: +2 min

BEIJING/HONG KONG, Oct 26 (Reuters) - Chinese automaker Geely's new energy vehicle subsidiary on Wednesday said its brand Farizon has raised over $300 million from a funding round led by Asian logistics firm Global Logistics Properties' (GLP) investment arm Hidden Hill Capital. The new capital raise, which involves other investors such as Chinese logistics and chemical group Transfar and an investment firm backed by major Chinese investment bank CITIC Securities, came as Geely stepped up its new energy vehicle development. Hangzhou-based Geely Holding Group, owner of Zhejiang Geely New Energy Commercial Vehicle Group which sells Farizon, is known globally with its investments in Volvo Cars and Mercedes-Benz. Farizon will use much of the funding "for research & development and ecosystem development, in order to further consolidate its market-leading position in new energy commercial vehicles," Zhejiang Geely New Energy Commercial Vehicle Group said in a statement. Geely New Energy Commercial Vehicle did not disclose Farizon's valuation in the statement.

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