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Renault Group and China's Geely are set to launch a joint venture company able to produce annually up to five million efficient powertrains, including hybrids and plug-in hybrids.
The JV is aimed at making more efficient gasoline engines and hybrids at a time when the focus of the industry has been on the capital-intensive transition to purely electric vehicles.
Renault and Geely, the Chinese backer of Aston Martin, are to spend up to €7bn (£5.4bn) on developing petrol and hybrid cars despite a global push toward electric vehicles.
Carmakers bet on fossil fuels despite looming bans on petrol and diesel car sales
Forget BYD: Geely is the Chinese car company Americans will see most of in the coming years, through brands such as Volvo, Polestar, Lotus and Zeekr