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Breakup
years to come, a Renault statement announced.
The company will supply engines and other components to several global brands, including Volvo, Nissan and Mitsubishi, as well as Renault and Geely’s own vehicles.
The initiative will provide work for around 19,000 people, with 17 factories and five research and development centres located in three continents, would have an expected annual revenue of €15 billion, according to a Reuters report in March this year.
The initial organisation will establish two operational centres in charge of the respective operations, with Renault based in Madrid and Geely in Hangzhou Bay on the East China Sea.
An executive team will be based at the new company’s headquarters which Renault revealed would, in principle, be located in the UK in order to consolidate operations and define future plans.
BRITISH defence group Cobham’s fragmentation continued as its US private equity owners sold the company’s Aerospace Communications division to French firm Thales in a £850 million (€993.25 million) deal. The Parisbased company, which has been part of the Cobham group since 1989, makes aircraft antennas and communication systems and expects revenues of £154 million (€180 million) this year.
Charged up
ANFAC, Spain’s vehicle manufacturers’ association, is working on proposals to improve the Moves III subsidies plan introduced to boost electric car purchase. It was a great programme, Anfac said, but because it was “enormously complex,” the association was contacting political parties in hopes of introducing a “much more efficient substitute” when Moves III ends on December 2023.
