Aramco has concluded the acquisition of a 10% stake in Horse Powertrain Limited, a company specializing in hybrid and thermal powertrains. This transaction, conducted through its subsidiary Aramco Asia Singapore Pte. Ltd., is based on an enterprise valuation of €7.4 billion and has received all necessary regulatory approvals.
Horse Powertrain remains 45% owned by Renault Group and Geely, the two majority shareholders. The company operates 17 global production sites, five research and development (R&D) centers, and employs approximately 19,000 people. It supplies powertrain solutions to ten major automotive manufacturers across more than 130 countries.
A strategic operation
The investment allows Aramco to sit on the Horse Powertrain board of directors, which includes representatives from Geely, Renault, and one member from Aramco, Ali A. Al Meshari, Senior Vice President of Technology Coordination.
Horse Powertrain aims to solidify its position as a Tier 1 supplier in the hybrid and thermal powertrain sector, with a projected annual production capacity of five million units. Its portfolio covers a variety of solutions, ranging from long-range plug-in hybrids to internal combustion engines using alternative fuels such as ethanol, methanol, and hydrogen.
Shared governance
The board of directors reflects the collaboration among the strategic partners. Geely and Renault occupy the majority of seats, while Aramco ensures a position to contribute to technological coordination.
With a geographic presence in key regions such as China, Europe, and Latin America, Horse Powertrain aims to leverage its global industrial footprint to meet the growing needs of automakers for advanced powertrain solutions.
Development prospects
Horse Powertrain seeks to expand its customer base by utilizing its industrial and technological capacities. The technologies it covers include hybrid engines, optimized internal combustion engines for alternative fuels, and complementary solutions tailored to the needs of global manufacturers.
