Renault Launches Lifesaver for Auto Industry—with China

In counter-tendency to the EU “Fit for 55” policy of eliminating internal combustion cars, French state-controlled automaker Renault and Chinese automaker Geely announced a 50-50 joint venture, named Power, to produce internal combustion and hybrid engines as well as transmissions. This will include 17 factories and 3 research and development centers in Spain, Romania, Sweden, China and South America with a total of some 19,000 employees. It will be based in London and begin operations in 2023. In addition to Renault, Dacia and Geely, Power will also supply Volvo (owned by Geely), Nissan, Mitsubishi, Lynk and Proton, thus ensuring the survival of efficient forms of individual transportation in the eastern hemisphere.