The global headquarters of a new ICE powertrain technology company formed by Renault and Geely will be based in the UK.
The new company aims to become the “global leader” in developing, manufacturing and supplying "best-in-class" and highly efficient hybrid, petrol and diesel powertrains, as the wider Renault and Geely groups work to electrify their model ranges.
The firms will invest up to €7.0 billion (£6.0bn) as part of this development work, the BBC has reported.
Early projections for the joint venture point to an initial annual turnover of £13 billion and a yearly output of five million powertrains to eight existing customers, including Nissan and Volvo.
