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  3. Aramco Signs Letter Of Intent To Join Geely And Renault

Aramco Signs Letter Of Intent To Join Geely And Renault

21 Mar 2023

Saudi Arabian Oil Company (Aramco), the world's largest oil producer, has signed a letter of intent to join Geely and Renault's powertrain company. The announcement was made on February 24, 2023, by Geely and Renault, and it marks a significant step towards developing cleaner and more sustainable powertrains.

Advanced Powertrain Company

 Advanced Powertrain Company

Geely, a Chinese multinational automotive company, and Renault, a French multinational automobile manufacturer, established a joint venture in 2020 to develop and produce next-generation powertrains. The joint venture, called Advanced Powertrain Company (APC), is focused on creating sustainable and efficient powertrain solutions for hybrid and electric vehicles.

Aramco's decision to join APC demonstrates the company's commitment to investing in new technologies and diversifying its business portfolio. As the world transitions towards cleaner and more sustainable energy sources, Aramco recognizes the importance of adapting and evolving its business model to remain competitive.

However, Aramco has not yet specified what stake it will take in the APC joint venture. Still, the company's expertise and resources in the energy sector could significantly contribute to APC's development and production of more efficient and sustainable powertrains.

Renault and Geely's APC joint venture aims to combine the strengths of both companies to develop powertrains that are more efficient, lighter, and more compact. The companies plan to use advanced technologies such as electrification, hybridization, and fuel cells to reduce CO2 emissions and improve fuel economy.

The APC joint venture has already made significant progress in developing next-generation powertrains. In October 2022, the company unveiled its first prototype powertrain, which uses an innovative architecture that integrates the motor, gearbox, and power electronics into a single unit. The prototype powertrain is lighter, more compact, and more efficient than traditional powertrain systems.

Aramco's partnership with APC could potentially accelerate the development and production of sustainable powertrains, allowing the company to keep up with changing industry trends and consumer preferences. The joint venture also aligns with Saudi Arabia's Vision 2030, which aims to reduce the country's dependence on oil and develop new industries and technologies.

In conclusion, Aramco's decision to join Geely and Renault's APC joint venture is a significant milestone in the development of more sustainable and efficient powertrains. By leveraging Aramco's expertise and resources in the energy sector, the APC joint venture could potentially accelerate the development of innovative powertrain solutions and contribute to a more sustainable future for the automotive industry.

Wael Nakhle

BY Wael Nakhle

Wael is an automotive content writer specializes in creating written content for Motor 283. Producing a wide range of content, including blog posts, articles, product descriptions, reviews, and technical guides related to cars, trucks, motorcycles, and other vehicles, with an unprecedented passion for cars, and motorcycles.

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