Renault and Geely’s ICE powertrain joint venture is expected to be finalised towards the end of February, sources have revealed to Reuters.

Last July the two automakers signed an agreement to launch a powertrain technology firm, with each entity holding 50% stake in the new company.

Saudi Arabia’s Aramco is also set to announce a Memorandum of Understanding to invest in the venture. It signed a letter of intent with Renault and Geely in March 2023.

The new company is slated to include 17 engine plants and 5 R&D centers in 3 continents with 19,000 employees. It will aim for 15 billion euros ($16 billion) in annual turnover.

On the JV finalisation, in a statement to Reuters, a Renault spokesperson said: “The projects advance as planned, we will communicate in due time.”

The Renault-Geely JV will supply the groups’ brands in addition to third-party manufacturers.

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By GlobalData

Recently Stellantis, which owns 14 brands, denied reports in the Italian press that it was pushing for a merger with Renault.

See also: Geely and Renault firm up ICE JV