(Reuters) – Geely Automobile Holdings Ltd and Renault SA signed a joint venture (JV) to engage in the powertrain business, the Chinese automaker said on Tuesday.

Reuters in late-March reported that Renault and Geely want their JV to become a leading combustion engine and hybrid engine supplier for the car industry by the end of 2023, with a workforce of 19,000 and 15 billion euros ($16.3 billion) in annual revenue.

Geely, via its subsidiary Aurobay Holding, will hold 33% of the joint venture, 50% will be owned by Renault and the remaining stake will go to GHPT Ltd, a subsidiary of Geely Holding, the company said in a statement.

(Reporting by Harish Sridharan in Bengaluru;Editing by Nivedita Bhattacharj ee)

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