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Geely and Renault joint venture will develop internal combustion and hybrid tech

China's Geely Automobile Holdings and French car maker Renault SA on Tuesday said they will invest up to 7 billion euros ($7.71 billion) in a new equally held joint venture to develop gasoline engines and hybrid technology for automobiles. The JV is aimed at manufacturing more efficient internal combustion engines and hybrid systems at a time when the focus of much of the automobile industry has been on the capital-intensive transition to purely electric vehicles. "We are pleased to be embarking on this journey to become a global leader in hybrid technologies, providing low-emission solutions for automakers around the world," said Eric Li, Geely Holding Group chairman. The new company will employ 19,000 people at 17 engine plants and five research and development hubs, Renault said. At launch, it is expected to supply to multiple industrial customers including Volvo, Proton, Nissan, Mitsubishi Motors, and PUNCH Torino. The JV aims to have an annual production capacity of up to five million internal combustion, hybrid and plug-in hybrid engines and transmissions, Renault added. Reuters reported in March that the new venture will see 15 billion euros ($16.53 billion) in annual revenue. Saudi Aramco, which signed a letter of intent with Renault and Geely in March, is evaluating a strategic investment in the new company, Renault said. The Saudi oil producer has been involved in advanced discussions to take a stake of up to 20% in the JV, sources said earlier this year. Big oil firms have worked with automakers to develop sustainable fuels and hydrogen engines in recent years. But a deal here would make Aramco the first major oil producer to invest in the car business. The joint venture is expected to be launched in the second half of 2023. Earnings/Financials Green Mitsubishi Nissan Volvo Renault

Renault taking Alpine endurance racing, enters 24 Hours of Le Mans

Renault isn't letting up with the return of its Alpine brand. After announcing a partnership with Caterham to bring a new Alpine to market by 2015 (now expected by 2016), the French firm has announced it is taking Alpine racing again in the European Le Mans Series this year - and that includes The 24 Hours of Le Mans.
It has been 35 years since Alpine last competed in Le Mans, when it won the race outright and dropped the mic as it left the pits, never to return. Before that, in the 11 years it campaigned in the most famous endurance race on the planet from 1963 to 1978, it took seven class wins.
Caterham won't be involved with the race team, however; that will be an effort spearheaded by the Signatech-Nissan team that has been running GT Academy winners in LMS racing. Alpine is preparing an LMP2 chassis that will get a 500-horsepower Nissan engine for this year's championship, with the first two named drivers being Nelson Panciatici (above right) and Pierre Ragues (above left). The third driver for Le Mans will be announced later this month when the racer is launched at the Le Castellet race track in southern France.

Nissan has now sold 75,000 Leaf EVs in the US

Somehow it doesn't surprise us that the 75,000th Nissan Leaf electric vehicle sold in the US would go to a guy from Portland, Oregon. Rishabh Mehandru, who first experienced the Leaf through a lease a couple of years ago, took the full plunge with a 2015 model and ended up being No. 75,000 (ding, ding, ding!). You've got to love those repeat customers. The Intel engineer has a 30-mile commute, so, theoretically, the Leaf does the trip with about two-dozen miles to spare in its single-charge range. The Portland dealership that sold him the car says its Leaf customers are an "even" mix between new and repeat. Nationwide, Nissan boosted its Leaf sales last year by 34 percent to 30,200. Things have cooled off a bit so far this year, as Leaf sales through February were down 15 percent from the same period in 2014 to 2,268 units. As of the end of last month, Nissan Leaf's US sales since its late-2010 introduction trailed sales of the Chevrolet Volt extended-range plug-in by exactly two units. Which means we can expect General Motors' announcement that the Volt has hit 75,000 units any day now. Take a look at Nissan's press release below. Related Videos: Nissan delivers 75,000th all-electric LEAF in the U.S. to Oregon family NASHVILLE, Tenn. – Nissan celebrated with Rishabh Mehandru of Portland, Oregon, as he purchased the 75,000th Nissan LEAF in the United States. This is Mehandru's second Nissan LEAF after leasing his first one two years ago in an effort to reduce the emissions he was putting into the air. "I'm a runner, and when I ran outside I found that I was inhaling a lot of exhaust from the gas-powered cars that passed me on the roads," said Mehandru. "I instantly became aware of the amount of fuel I was burning, and that's when I first decided that I wanted to get an electric car." Mehandru, senior engineer at Intel, has a commute of about 30 miles and enjoys the spirited driving experience Nissan LEAF has to offer. "When the lease was up on my first Nissan LEAF, I knew that I didn't want any other car. I had to have another Nissan LEAF," said Mehandru. "I love how quickly I can get up to speed on the highway-even my three-year-old son notices how zippy it is-and I like that I don't have to stop for gas." Mehandru's excitement for his electric car is contagious, and he recently convinced a friend to also purchase a Nissan LEAF.