New Renault-Geely engine firm to have headquarters in UK

A new global company is set to have its headquarters in the UK. French motor giant, Renault and Chinese carmaker Geely will invest up to €7bn to develop low-emission petrol, diesel and hybrid engines. 

It will employ around 19,000 workers at its 17 engine factories as well as five research and development hubs. 

The global motor industry is now shifting its focus to developing electric vehicles. 

In a statement, Renault and Geely said that the new company will use its UK headquarters to “consolidate operations, build on synergies, and define future plans.”

The firm will launch later this year and supply engines to car makers such as Volvo, Nissan and Mitsubishi.