China's Geely Automobile Holdings (OTC:GELYF) and an oil group are in talks about taking stakes in the fossil-fuel engine unit Renault (EPA:RENA) plans to separate from its electric vehicle (EV) business, two sources close to the French carmaker said.

But Renault's alliance partner, Japanese carmaker Nissan (OTC:NSANY), does not plan to take a stake in the combustion engine unit, the sources told Reuters.Renault and Geely declined to comment. Nissan did not immediately respond to a request for comment. The French carmaker is due to unveil this autumn plans for creating an EV-dedicated unit based in France and another one based abroad that will bring together all of its petrol and hybrid engine and transmissions production sites in Spain, Portugal, Turkey, Romania and Latin America.

Renault intends to remain the majority shareholder in its "Ampère" electrical division, which will employ around 10,000 people and could list on the stock market in the second half of 2023.

But it will only retain a minority stake in its "Horse" combustion engine business, which will have a similar sized workforce, but would remain a reference shareholder with significant clout in the unit.

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  • Ah_Meng
    ·2022-08-31
    Interesting... why would Geely bets on a fossil fuel future while everyone else is betting away? Contra bet to spread its pie? Thanks for the information. Really interesting
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  • AntLiew
    ·2022-08-31
    invest in $Clean Energy Fuels(CLNE)$ and help save our planet
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  • Ghai
    ·2022-08-31
    Buying a more established company for branding? Seems odd though
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  • Brrrrrrrrrrr
    ·2022-08-31
    Alone they are nothing. Expect more mergers/cooperations for such industries
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  • WillyNg
    ·2022-08-31
    If you have any further questions please feel free
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  • Cheahkim
    ·2022-08-31
    Reply
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  • ccy1122
    ·2022-08-31
    [Like] [Like] [Like]
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  • Fayt
    ·2022-08-31
    thanks for sharing!
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  • hellodarz888
    ·2022-08-31
    renault up for taking for the longest
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  • 小辉goPro
    ·2022-08-31
    will the stake benefit all..?
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  • Alexngo
    ·2022-08-31
    Pls like
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  • MilkTeaBro
    ·2022-08-31
    thanks for your information
    Reply
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  • ThaiGirl
    ·2022-08-31
    Well. u are right
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  • jace0777
    ·2022-09-02
    Ok
    Reply
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  • Keeley
    ·2022-08-31
    like pls
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  • L1324
    ·2022-08-31
    ok
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  • afterstar
    ·2022-08-31
    Seen
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  • Moah
    ·2022-08-31
    Ok
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  • BrandonChan
    ·2022-08-31
    Okay
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  • PeterLim007
    ·2022-08-31
    👍
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