christian garcia
March 03, 2023
The Saudi oil company signs a letter of intent with the two automobile groups to eventually become a minority shareholder in the new PWT powertrain business, dedicated to the development of thermal and hybrid engines.
Saudi Aramco has managed to position itself as one of the most valuable companies in the world, along with Apple and Microsoft, and the truth is that the investments it is carrying out augur an even more promising future for this company. oil multinational that went public just two years ago and a little. In fact, he did it by registering a historical record with a rise of 10%, the maximum allowed. It will sound familiar to many because of the very strong presence that it is having in Formula 1 lately (it is the main sponsor of both the competition and the Aston Martin team in which Alonso will race this year.) Well, for those who still do not know much about it We are talking about a company that exploits Saudi oil and already employs around 80,000 people around the world. The last thing its leaders have in mind is partnering with Renault and Geely to boost a new powertrain manufacturing business that will adopt the name of PWT and that will focus on the development of thermal and hybrid mechanics.
The future does not only pass through electrification: fuels have a lot of life
As reported in a statement, Aramco’s investment would be used to support the growth of the company and contribute to research and evolution, in particular for synthetic fuel solutions and hydrogen propulsion systems last generation. “Geely and Groupe Renault are expected to retain equal shares in the new independent company,” they say.
With a global network of 17 production plants and five R&D centers spread over three continents, the future company will become a full-fledged global supplier and will have a total capacity of more than five million transmissions and combustion engines, hybrids and plug-in hybrids per year to supply more than 130 countries.
An essential partnership to reduce global emissions
Undoubtedly, Aramco’s interest in this new project has aroused tremendous enthusiasm in the French and Chinese consortiums. “This partnership will allow us to scale up the powertrain business that we are developing with the Geely Group. It will give you a head start in the race for very low emission thermal technology. The entry of Aramco brings a unique knowledge to develop revolutionary innovations in synthetic and hydrogen fuels”, says Luca de Meo, CEO of Renault. For his part, Daniel Li, CEO of Geely, aspires to jointly turn PWT into a world leading company in the field of sustainable powertrains. “Aramco’s investment is recognition by global industry leaders of the business prospects for powertrains and the pioneering vision of low- and no-carbon fuels such as methanol and hydrogen,” he says. .
“This letter of intent represents an important new stage in our ongoing commitment to transportation technologies and provides a foundation for support Aramco’s research and development in the domain of engine innovation. Our collaborative project with Geely and the Renault Group supports the development of powertrains across the automotive industry and is part of our broader efforts across our global operations,” says Mohammed Y. Al Qahtani. , Executive Vice President of Aramco Downstream.
