BEIJING (Reuters) - Renault SA (OTC:RNLSY) and China's Geely have agreed to launch a new, equally held joint-venture that will supply gasoline engines and hybrid technology to the brands they own and other automakers, the two companies said in a statement.
The new company will be based in London, the person side.
Renault's negotiations with Nissan have been underway intensively for the past month.
Nissan has raised concerns about the treatment of intellectual property, including battery and powertrain technology, in its talks with Renault and has indicated those concerns extend to any partnership the French automaker strikes with Geely, people with knowledge of the discussions have said.
In their statement, Renault and Geely said they expected their new joint venture would supply internal combustion engines and hybrid powertrains to Nissan and the junior partner in Renault's existing alliance, Mitsubishi Motors (OTC:MMTOF).
Renault and Geely said their joint-venture would have the capacity to supply about 5 million engines and hybrid systems per year once operational.
Source: Investing.com
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