Latest news with #Geely
Time of India
6 hours ago
- Automotive
- Time of India
Geely to hold 26.4% stake in Brazilian JV majority-owned by Renault
China's Geely said on Friday it and its parent Geely Holding would take a combined 26.4% stake in a joint venture controlled by its French partner Renault as the two seek to produce and sell cars jointly in Brazil. The two automakers have entered an agreement that would see Renault take 73.57% in the venture that would focus on producing and distributing cars in Brazil under the Renault and Geely brands. It is also due to make and distribute light commercial vehicles under the Renault brand to "attract new customers", according to a filing by Geely Auto. The deal is subject to regulatory approvals, the company said. Geely and Renault first announced their partnership to produce and sell zero- and low-emission vehicles in Brazil in February. The Brazilian partnership builds on the two companies' thermal engine joint venture headquartered in London and their jointly owned manufacturing plant in South Korea.
Yahoo
8 hours ago
- Automotive
- Yahoo
Geely to hold 26.4% stake in Brazilian JV majority-owned by Renault
BEIJING (Reuters) -China's Geely said on Friday it and its parent Geely Holding would take a combined 26.4% stake in a joint venture controlled by its French partner Renault as the two seek to produce and sell cars jointly in Brazil. The two automakers have entered an agreement that would see Renault take 73.57% in the venture that would focus on producing and distributing cars in Brazil under the Renault and Geely brands. It is also due to make and distribute light commercial vehicles under the Renault brand to "attract new customers", according to a filing by Geely Auto. The deal is subject to regulatory approvals, the company said. Geely and Renault first announced their partnership to produce and sell zero- and low-emission vehicles in Brazil in February. The Brazilian partnership builds on the two companies' thermal engine joint venture headquartered in London and their jointly owned manufacturing plant in South Korea.
Reuters
8 hours ago
- Automotive
- Reuters
Geely to hold 26.4% stake in Brazilian JV majority-owned by Renault
BEIJING, June 20 (Reuters) - China's Geely ( opens new tab said on Friday it and its parent Geely Holding ( would take a combined 26.4% stake in a joint venture controlled by its French partner Renault ( opens new tab as the two seek to produce and sell cars jointly in Brazil. The two automakers have entered an agreement that would see Renault take 73.57% in the venture that would focus on producing and distributing cars in Brazil under the Renault and Geely brands. It is also due to make and distribute light commercial vehicles under the Renault brand to "attract new customers", according to a filing by Geely Auto. The deal is subject to regulatory approvals, the company said. Geely and Renault first announced their partnership to produce and sell zero- and low-emission vehicles in Brazil in February. The Brazilian partnership builds on the two companies' thermal engine joint venture headquartered in London and their jointly owned manufacturing plant in South Korea.
Forbes
13 hours ago
- Business
- Forbes
China's Robot Maker Unitree Valued At $1.7 Billion In Series C Round
A Unitree humanoid robot performs Thursday, the first day of the Mobile World Conference in Shanghai. Unitree Robotics, a Hangzhou-based maker of humanoid robots whose founder recently met with Chinese President Xi Jinping, completed series C funding this month that values the company at 12 billion yuan ($1.7 billion), according to people with knowledge of the matter. As investors, the company attracted Chinese auto maker Geely Automobile, fintech giant Ant Group and investment firm HongShan Capital Group (formerly known as Sequoia Capital China), people familiar with the matter told Forbes Asia. The valuation of 12 billion yuan was confirmed by two investors who participated in the deal but requested anonymity. A Unitree representative confirmed the company completed the series C funding but said it had no further information to provide. Chinese media Late Post reported the deal first Thursday, saying that Unitree raised an undisclosed amount from investors that also included tech giant Tencent, e-commerce behemoth Alibaba and a fund affiliated with the state-run telecommunications giant China Mobile at a valuation of 'over 10 billion yuan.' Founded in 2016, the company is now at the forefront of China's robotics industry. Its 35-year-old founder Wang Xingxing, who is CEO and CTO, landed in February a coveted front-row seat at a meeting with Chinese President Xi. That meeting in the Great Hall of the People in Beijing also included Alibaba cofounder Jack Ma, Tencent Chairman Ma Huateng and DeepSeek founder Liang Wenfeng. Xi held the meeting to send a message of support to China's private sector amid a plethora of economic challenges. Seated in the first row in front of Xi was Unitree's Wang, who later shook hands with the president. The bespectacled young entrepreneur is helping China's development of humanoid robots, an emerging industry the country is keen to dominate as it vies for tech supremacy with the U.S. Unitree has developed products including a series of robot dogs that start from $1,600 and humanoid models priced from $16,000, according to its website. That compares with the $20,000 to $30,000 Tesla intends to charge for each of its Optimus humanoid products. The bipedal product from the American electric vehicle pioneer can walk, dance and perform household chores such as cooking, cleaning up tables and dumping trash, according to video clips posted on its X social media account. Unitree's humanoids are shown performing similar tasks on clips posted on its website. They shot to national fame in China when the robots danced alongside real people during a performance at January's 2025 Spring Festival Gala. A huge audience watched the performance as China celebrated the start of the Year of the Snake. Unitree's humanoid robots have also participated in marathons and battled real fighters in boxing competitions. The Unitree representative says the company controls over two thirds of the global market for quadruped robotics dogs and leads worldwide sales of humanoid robots. However, the representative declines to provide specific sales figures. Founder Wang has traced his interest in robots to at least 2013. The young entrepreneur was pursuing a graduate degree in mechanical engineering at Shanghai University when he designed XDog, a quadruped robot that helped him win second prize in a local competition. Wang briefly worked for Chinese drone maker DJI before founding Unitree in 2016. In 2017, he raised an undisclosed amount in seed funding before progressing to complete a series B round last year. At the time, his company raised at at least 1 billion yuan from investors including Chinese food-delivery giant Meituan, investment firm Source Code Capital and the state-affiliated Shenzhen Capital Group, according to the Qichacha local regulatory filing system.
Yahoo
a day ago
- Automotive
- Yahoo
Renault unveils new hybrid powertrains for Symbioz and Espace
Renault has launched two new-generation full hybrid E-Tech powertrains, enhancing the performance of the Symbioz and Espace models. These new powertrains were developed by Horse Powertrain, a joint venture between Renault Group, Geely and Aramco. The new powertrains are claimed to offer improved performance and lower emissions, addressing the growing demand for eco-friendly automotive solutions. The 160hp version of the E-Tech powertrain on the Symbioz emits 98g/km of CO2 for 4.3 litres/100km WLTP (Worldwide Harmonized Light Vehicles Test Procedure). With 4.8 litres/100km and 108 g/km of CO2, the Espace is claimed to be an 'equally strong performer' with its 200hp powertrainand optimised gear changing. The full hybrid E-Tech 160hp 1.8-litre powertrain is available on Captur, and as of this year on Symbioz. It combines a combustion engine with two electric motors powered by a 1.4 kWh battery and an intelligent multi-mode clutchless dogbox. The upgraded 1.8-litre engine develops 80kW, and is claimed to offer better performance with increased torque and lower fuel consumption. The powertrain features a high-pressure (350 bar) direct-injection system and operates on an Atkinson cycle for enhanced efficiency. The Renault Symbioz, launched in 2024, integrates C-segment technologies with compact dimensions and spacious interiors. According to the company, Symbioz has become 'one of the top ten best-selling' SUVs in France, offering a boot space of up to 624 litres and a range of high-tech features. The Symbioz's new powertrain significantly improves acceleration and extends its range to up to 1,000 km. The new Renault Espace maintains its reputation as a long-distance traveller with a spacious and modular interior, stated the company. It features a contemporary design based on the brand's 'new design language' and reduces aerodynamic noise through technical improvements. Available as a five- or seven-seater, the Espace is claimed to offer 'best-in-class' load capacity and technology, including the largest Solarbay opacifying roof in the Renault range. "Renault unveils new hybrid powertrains for Symbioz and Espace" was originally created and published by Just Auto, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
