Aurobay joins worldwide powertrain technology company
As of May 31, Aurobay becomes part of HORSE Powertrain Limited – which is set to be a world leader in hybrid and combustion powertrain solutions and systems.
Aurobay’s owners Geely Holding Group (Geely Holding) and Geely Automobile Holding (Geely Auto) (collectively referred to as “Geely”) have, together with Renault Group, officially established HORSE Powertrain Limited as a world-leading hybrid and combustion powertrain solutions company.
HORSE Powertrain will have an expected c.15 billion EUR in revenues and will produce c. 5 million powertrain units per year. The company will design, develop, produce and sell a complete range of hybrid and combustion powertrain solutions with state-of-the-art technologies, including engines, transmissions, hybrid systems and batteries.
Aurobay contributes some 10,000 employees and 9 manufacturing sites in Sweden and China and produces more than 3 million innovative hybrid engines, transmissions, and electric motors per year.
“To reach net zero emissions in the next decades, the industry needs to explore global synergies, develop multiple technologies, and share expertise. HORSE Powertrain will have the portfolio, scale, and capacity to offer the leading hybrid and low-emission solutions demanded by the automotive industry of tomorrow. Today’s launch marks a new chapter in sustainable mobility”, says Ruiping Wang, CEO of Aurobay.
“In the transition to no- or low-carbon mobility, there is a strong demand among principal OEMs for a large stand-alone player with the capacity to provide next generation hybrid powertrainsolutions. For the OEMs, for our employees and for our partners, HORSE Powertrain opens up a wealth of new opportunities”, adds Michael Fleiss, CEO of Aurobay Sweden.
Geely and Renault Group will each hold a 50% stake in HORSE Powertrain Limited, which will be governed by a board consisting of three representatives each from Geely and Renault Group.
Matias Giannini is appointed CEO of HORSE Powertrain Ltd, and Lee Ma and Juan Ferrera are respectively appointed Chief Financial Officer and Chief Human Resources Officer. The head office will be located in London, UK. The management of the two subgroups Aurobay and Horse remains unchanged: Ruiping Wang as CEO of Aurobay, based in Hangzhou Bay (China), and Patrice Haettel, CEO of Horse based in Madrid (Spain).
For more information, see Geely's press release.
Contact
Helene Carlson
Executive Vice President, Communications & Public Affairs
+46 765-25 84 93
media@aurobay.com
Uni3
Pumpgatan 1
417 55 Gothenburg
Sweden
About
Aurobay develops and manufactures world-class next-generation powertrain solutions to meet the global demand for cleaner mobility. With a heritage of more than 100 years of continuous powertrain innovation, its 10,000 employees work across research and development, engineering and manufacturing. In 2023, Aurobay had revenues of EUR 4.6 billion from producing 2,650,000 hybrid engines, electric motors, and transmissions in its state-of-the-art manufacturing sites in Sweden and China. Aurobay is part of HORSE Powertrain Limited, a newly formed company with a heritage from Geely, Volvo Cars and Renault Group. HORSE Powertrain has been created as a global leader in hybrid and combustion powertrain components and systems.