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Renault and Geely can ‘challenge top players’ with efficient powertrains

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Following news that Renault Group and Geely signed a joint venture agreement to launch a powertrain technology company, it’s been suggested the pair can disrupt the status quo and take advantage of the need for the more efficient engines that use synthetic fuels.

Rupayan Chakraborty, Automotive Analyst at GlobalData, said: “As the automobile industry is making rapid strides towards low-emission vehicles and traditional engines are experiencing a reduction in demand, synthetic fuel technologies are now in high demand. The new agreement between Renault Group and Geely to launch a new powertrain company will be a shot in the arm for both the companies in the global synthetic fuel powertrain and engine market when the new joint venture company starts its operations.

The new joint venture will benefit from the synergies of the intellectual properties of both companies in developing future powertrain technologies. Although the new company will be focusing on primarily manufacturing internal combustion engine (ICE) engines, it is expected to drive innovations in hybrid and electric vehicle (EV) powertrains and will be ready to provide end-to-end powertrain solutions to major automakers in three continents.

Chakraborty added: “Owning an electric vehicle has become a new fad all over the world, fuelled by increased consumer interest in sustainable living and the introduction of cars with greater driving ranges. Additionally, strict CO2 targets established by various governments for automakers, increased investments in charging networks by various automakers and third-party companies, and an aggressive push by governments through catalyst programs like subsidies are all contributing to the demand for decarbonized automobiles.

“As per GlobalData estimates, the global electric vehicle market, including battery electric vehicles (BEVs) and hybrid vehicles (HEVs), will reach 103.5 million units by 2030, recording a compound annual growth rate (CAGR) of 3.1% during 2022-30. Considering the market potential of the decarbonized automobile and the growing global electric vehicle market, the new Renault Group and Geely company will pose a head-to-head challenge to global automobile companies like BYD and Tesla in the long run.”

Fortescue brings EV powertrain and battery production to Oxfordshire

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Fortescue is ‘significantly’ expanding its battery and electric powertrain and battery production operations in the UK via an additional facility in Oxfordshire that will create more than 120 jobs.

The expansion is part of Fortescue’s aim to grow its British presence through the recent integration of British manufacturers WAE (formerly Williams Advanced Engineering).

“With Fortescue’s investment, British engineering will be at the cutting edge of the green energy economy with WAE’s battery systems providing world leading technology to the entire global industrial sector,” said Fortescue Chairman Andrew Forrest. “It is heartening to have the UK’s Trade Secretary today at our factory in Oxfordshire to support this message of British technology excellence for both its people and its highly attractive working environment.”

Following entry-into-force of the Australia-UK Free Trade Agreement (FTA), Fortescue will open the new site this year in Banbury, significantly expanding its UK manufacturing capability, supplying advanced batteries and electric powertrains globally.

The new location will be focused on production of a wide range of zero-emission products for the off-road sector, including trucks and trains. It will form part of a new global business aimed at driving decarbonisation in all fields of economic activity, while building sovereign capabilities in emerging technology.

The factory will cover over 13,500m2 in total and employ over 120 highly skilled engineers, technicians, apprentices and graduates, with recruitment for the industrialisation programme starting now.

This announcement ensures Australia and the UK build sovereign capability in an area of central importance to future economic development and is another key win of the UK Government’s free trade agenda.

The integration follows Fortescue gearing up to meet growing global demand for the development, manufacture, and supply of advanced electrification technology solutions to the off-highway sector.

The first prototype build is targeted for July/August 2023 with the first mining haul truck module due for completion in August 2023.