Saudi oil giant Aramco could invest in Renault engines

Aramco, which is backed by the Saudi government, is the world’s largest company by market capitalization, with an estimated value of $2.2 trillion. He would work with Renault on synthetic fuels for thermal engines, according to The world. The oil company has a research center near Paris, where it focuses on energy, transport and the environment.

The “Ampère” EV unit is said to be based in France, where Renault has established a production center in the north of the country which will assemble electric cars and vans, as well as batteries. It could go public as early as next year, and Renault would remain the majority shareholder.

The internal combustion unit – internally referred to as “Horse” – would be based outside the country and will include gasoline and hybrid engine and transmission production sites in Spain, Portugal, Turkey, Romania and Spain. Latin America.

Sources told Reuters that Renault would own a 40% stake in the fossil fuel engine unit, while Geely would also own 40% and an oil company the remaining 20%.

Renault already has a partnership with Geely to build hybrid vehicles in South Korea, and its Alpine brand is working with Geely’s Lotus subsidiary on electric sports cars.

Reuters contributed to this report

Kevin A. Perras