Renault-Geely’s Horse Powertrain Ramps Up Engine Business as EV Growth Slows

Renault and Geely’s joint venture, Horse Powertrain, is gaining traction as the shift to electric vehicles (EVs) hits bumps. The company now produces over 8 million engines and transmissions annually, serving automakers like Renault, Mercedes, and Volvo. 

Horse plans to reach €15 billion in yearly revenue by 2029, an 80% jump from 2024.  Their goal is to become the world’s top engine supplier by 2035, especially catering to brands that still rely on combustion and hybrid powertrains. 

The venture’s strategy links to broader trends. While EV sales are rising in China and Europe, progress in the U.S. and many developing markets has slowed. That gives room for combustion and hybrid engines to remain relevant. 

Horse says it wants to simplify automakers’ transitions. It will handle engine and hybrid design, letting car makers focus on electrification.  Still, some critics warn this could delay a full move to EVs, arguing that backing legacy tech is a risky bet.