The Latest Breaking News from Geely

Reuters

It will employ more than 19,000 people

French car company Renault has unveiled a sweeping green revamp, splitting its operations in two: a new electric vehicle unit and a subsidiary for petrol, diesel and hybrid cars that will pair up with China's Geely.

Renault SA and China’s Geely say they plan to launch a joint venture to produce gasoline-powered and hybrid powertrains, adding to a series of partnerships between global automakers to share soaring technology costs

Geely Holding Group, one of China’s biggest independent automakers, has bought a 7.6% stake in British luxury brand Aston Martin Lagonda and says it looks forward to potential opportunities to collaborate

It's not known how much the Chinese automotive conglomerate paid.

Some 552,000 new passenger plug-in electric cars were registered in China in August, which is 92% more than a year ago.

Key Takeaways: China’s largest private auto group may acquire TuSimple’s Asia-Pacific business, allowing it to cut its China ties and alleviate U.S. national security concerns The company’s commercialization timeline has been thrown into doubt following an April accident that raised safety concerns

Apparently, this was the first sports coupe from China.

The Chinese automotive giant also reported an H1 revenue increase of 29 percent over last year, in spite of an overall sales volume drop, especially for ICE.

As the market leader for electric vehicles, Tesla Inc (NASDAQ: TSLA) is being pursued by other electric vehicle upstarts and legacy automakers. An electric vehicle company backed by a leading search engine in China is the latest to call out its potential to one day pass Tesla.