Asia Tech Wire (May 31) -- Chinese automaker Geely's powertrain joint venture with French counterpart Renault has been officially established and is based in the UK.

Renault said in a statement on Friday that under the agreement it and Geely signed on July 11, 2023, and after obtaining approvals from the relevant authorities, their powertrain joint venture - HORSE Powertrain - was officially created on May 31, 2024.

HORSE Powertrain will be headquartered in London, U.K., with Matias Giannini as CEO and Renault and Geely each holding a 50% stake.

The company is expected to have annual revenues of nearly 15 billion euros and an annual production capacity of about 5 million units powertrain, providing its global partners with a complete portfolio of powertrain technologies including hybrid systems, internal combustion engines, transmissions and battery solutions, the statement said.