By David Sachs
Saudi Arabian Oil Co., known as Aramco, cut a deal to buy a 10% stake in Horse, the Geely-Renault joint venture to make powertrains.
Saudi Arabia's national oil company signed an agreement to take a stake in the company, which has a targeted valuation of 7.4 billion euros ($7.92 billion). The Chinese and French carmakers will each keep 45% stakes.
Horse, which will make powertrains for hybrid and gas-burning vehicles, is expected to produce 5 million units a year.
"This investment will enhance Aramco's contribution to the global energy transition through the development and commercialization of more sustainable mobility solutions," Aramco said.
Write to David Sachs at david.sachs@wsj.com
(END) Dow Jones Newswires
06-28-24 1225ET