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