Brexit Britain to become HQ for new firm launched by French motor giant Renault
A Renault Twizy, an electric car, is charged form an electric car charging point near to Covent garden market in London.
PA
A new global company, launched by French motor giant Renault and Chinese carmaker Geely, has chosen to set up its headquarters in the UK.
The international firms are set to invest up to €7billion (£6billion) in funding for research, design and manufacturing of low-emission petrol, diesel and hybrid engines.
Launched later this year, the joint venture will supply parts to car makers such as Nissan, Volvo, and Mitsubishi.
The project will employ 19,000 workers across 17 engine factories and five research and development hubs, spread around three continents.
A Renault Twizy on charge
PA
Renault chief executive Luca de Meo said: "We are proud to join forces with a great company like Geely... to disrupt the game and open the way for ultra low-emissions ICE [internal combustion engine] technologies.”
Geely Holding Group chairman Eric Li set out the ambition "to become a global leader in hybrid technologies, providing low-emission solutions for automakers around the world."
The firms have also touted Saudi energy giant Aramco’s interest in the venture.
Aramco, which is the world’s largest oil and gas company, signed a letter of intent to join in March.
Staff from Chinese automotive firm Geely inspect the new branding on the Bloodhound SSC (supersonic car)
PA
Despite Aramco’s record on emissions, the firms believe that the company’s investment would contribute to key research and development across synthetic fuel solutions and next-gen hydrogen technologies.
A decade ago, Hangzhou-headquartered Geely purchased Coventry-based London black cab manufacturer London Taxi Company, in a deal worth £11.4million ($14.8million).
In 2017, the cab maker was renamed the London Electric Vehicle Company, to highlight its focus to switch to EV technology.
Developing London's first electric black cab, the carmaker was renamed the London Electric Vehicle Company in 2017, to highlight its focus to switch to EV technology.
Vince Cable with Li Shufu, Chairman of Geely Automobile Holdings during a visit to The London Taxi Company, Coventry, following its successful acquisition by Geely Automobile Holding
PA
There are now around 5,000 of the vehicles now on the capital's streets.
Luca de Meo, CEO Renault Group, said: “Facing today’s automotive challenges, no one can claim to have all the solutions, alone.
“Coming up with breakthrough innovations requires to combine expertise and assets.
“When it comes about the global race for decarbonizing road transports, there is no time to lose, and it will not be business as usual.”
Eric Li, Geely Holding Group Chairman, said: “With this agreement, we reiterate our commitment to leveraging our group-wide technological expertise and brand portfolio to pioneer the journey to greater sustainability and value creation which will lead to better consumer experiences.”
Fred Sirieix from Channel 4 First Dates unveils the Renault Clio Dynamique S car outside King's Cross St. Pancras station in London, to celebrate Clio's 25th anniversary this year.
PA
It comes after the City defied Brexit doom-mongers to retain top spot for foreign direct investment in Europe
Releasing figures sure to infuriate pro-EU activists, the annual Ernst & Young (EY) attractiveness survey found foreign investors flocked to the City to fund 46 financial services projects last year, up from 39 in 2021.
By comparison, second place Paris enticed foreign investment for 35 finance proposals, sliding from 38 in 2021, while Madrid secured 22 foreign investment projects compared to 29 in 2021.
Anna Anthony, UK financial services managing partner at EY, said: “Investors recognise the strength, gold-standard governance and resilience of the UK’s financial system and see it as the preferred destination for growth, innovation and access to top talent.”
Earlier this month, Wealden MP Nus Ghani, who serves as Rishi Sunak’s Industry Minister, told the Commons that UK trade is thriving since exiting the bloc.
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