July 11 Reuters China39;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 capitalintensive transition to purely electric vehicles.

We are pleased to be embarking on this journey to become a global leader in hybrid technologies, providing lowemission 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 plugin 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…