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$7.7B Renault-Geely venture seeks to challenge Toyota on hybrids
Renault and Geely have signed a joint venture agreement creating a new $7.7 billion company to develop hybrid powertrains and more efficient internal combustion engines. The two automakers are each getting a 50% stake in the joint venture, according to a statement from Renault. The agreement follows a letter of intent signed by Renault, Geely…