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Geely and Renault joint venture will develop internal combustion and hybrid tech

China's Geely Automobile Holdings and French car maker Renault SA on Tuesday said they will invest up to 7 billion euros ($7.71 billion) in a new equally held joint venture to develop gasoline engines and hybrid technology for automobiles. The JV is aimed at manufacturing more efficient internal combustion engines and hybrid systems at a time when the focus of much of the automobile industry has been on the capital-intensive transition to purely electric vehicles. "We are pleased to be embarking on this journey to become a global leader in hybrid technologies, providing low-emission solutions for automakers around the world," said Eric Li, Geely Holding Group chairman. The new company will employ 19,000 people at 17 engine plants and five research and development hubs, Renault said. At launch, it is expected to supply to multiple industrial customers including Volvo, Proton, Nissan, Mitsubishi Motors, and PUNCH Torino. The JV aims to have an annual production capacity of up to five million internal combustion, hybrid and plug-in hybrid engines and transmissions, Renault added. Reuters reported in March that the new venture will see 15 billion euros ($16.53 billion) in annual revenue. Saudi Aramco, which signed a letter of intent with Renault and Geely in March, is evaluating a strategic investment in the new company, Renault said. The Saudi oil producer has been involved in advanced discussions to take a stake of up to 20% in the JV, sources said earlier this year. Big oil firms have worked with automakers to develop sustainable fuels and hydrogen engines in recent years. But a deal here would make Aramco the first major oil producer to invest in the car business. The joint venture is expected to be launched in the second half of 2023. Earnings/Financials Green Mitsubishi Nissan Volvo Renault

Polestar gets $1.6 billion boost from Volvo, other big stakeholder

Polestar said on Thursday it had secured $1.6 billion in financing from its two main shareholders to help it deliver its growth plans amid volatile markets. Volvo, which co-founded the brand with China's Geely in 2017, said it would provide an $800 million loan to the firm. Its other major shareholder, PSD Investment, will provide the same amount through "direct and indirect financial and liquidity support," Polestar said. Volvo, which owns just over 48% in Polestar, said its loan included options for Volvo to convert some of its loans to equity in a potential future equity raising by Polestar. "We welcome the continued support from our major shareholders at a time when the capital markets are volatile and unpredictable," Polestar CEO Thomas Ingenlath said in a statement. The Sweden-based carmaker said the funding, alongside previously secured resources, would provide the company with sufficient funds through 2023. In June, Polestar was listed on the Nasdaq through a merger with a special purpose acquisition company (SPAC). Volvo, like other major carmakers, has in recent years invested heavily in making its own electric vehicles and has also said it was committed to supporting Polestar. Volvo aims to sell only fully electric cars by 2030, while Polestar has a goal to launch three more cars by 2026. In February, Volvo formed a joint venture with battery manufacturer Northvolt to build a battery plant in Gothenburg which would produce battery cells specifically for electric Volvo and Polestar cars. However, carmakers and suppliers are struggling as costly investments in an electric future coincide with rampant inflation and soaring energy prices. Polestar's third quarter results are due on Nov. 11 Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. 2024 Polestar 3 revealed

IIHS gives 90 models its Top Safety Pick award in one fell swoop

Although the Audi A7 and the Toyota Sienna are positioned on completely different ends of the automotive spectrum, they overlap in one important area: both earned a Top Safety Pick+ award from the Insurance Institute for Highway Safety (IIHS). They're among the 49 cars that received the distinction for 2021, while 41 additional models scored a Top Safety Pick (without the plus) award from the institute, bringing the number of winners to 90. Earning a coveted Top Safety Pick award from the IIHS is easier said than done. Recipients need to score a good rating in the institute's six crash tests, be available with a front crash prevention system that scores a superior or advanced rating in vehicle-to-vehicle and vehicle-to-pedestrian evaluations, and be offered with (but, crucially, not necessarily fitted standard with) headlights that are either good or acceptable. Vehicles that have good or acceptable headlights across the full range, regardless of trim level, are eligible for the Top Safety Pick+ award. The Hyundai Group (which includes Hyundai, Kia, and Genesis) earned more awards than any other carmaker, with 12 standard Top Safety Pick distinctions and five earning a Pick+. Volvo led the Pick+ chart with its entire lineup of nine vehicles. At the other end of the spectrum, Mitsubishi still hasn't earned a single award, and General Motors only nabbed one of each. Safety is spreading across market segments, according to the IIHS. It pointed out that, in 2020, there were no minivans or pickup trucks on the list of Top Safety Pick recipients. Fast forward to 2021, and the list includes the Honda Odyssey, the Toyota Sienna, and the Ram 1500 crew cab; the first two earned a Pick+. The full list of 2021 award winners is on the IIHS website. Note that, for some models, only units built after a certain date earned an award. This distinction reflects a change (usually in headlights) during the production run. Cars sold in the United States are safer than ever, but automakers still sell vehicles with a zero-star crash test rating in many global markets. Suzuki's 2020 S-Presso flunked a reasonably basic round of tests in 2020. Featured Gallery 2021 Hyundai Palisade View 12 Photos Audi Hyundai Volvo