The Renault Group took major steps to reorganise its business as part of the Renaulution plan unveiled in January 2021.
First, Renault formed a joint venture with Chinese OEM Geely to make and distribute internal combustion engines (ICEs) and hybrid technology to brands owned by each OEM as well as outside customers. Pending final agreement, each OEM will hold 50% of the new venture, employing 19,000 people at 17 powertrain and three R&D facilities at launch in 2023.
