Renault, Geely clinch deal for internal-combustion joint venture

Renault SA (RENA.PA) and China's Geely (0175.HK) said on Tuesday they have agreed to launch a new, equally held joint venture that will supply gasoline engines and hybrid technology to the brands they own as well as to other automakers, Qazet.az reports.

The agreement represents an important benchmark in a months-long effort by the French automaker to carve out its gasoline car business as a separate company.

The joint venture will employ 19,000 people at 17 powertrain factories and three research and development hubs, the companies said, adding they expect to reach a final agreement and launch the new company in 2023.