To The Moon

China's Geely Automobile Holdings (OTC:GELYF) and an oil group are in talks about taking stakes in the fossil-fuel engine unit Renault (EPA:RENA) plans to separate from its electric vehicle (EV) business, two sources close to the French carmaker said.

But Renault's alliance partner, Japanese carmaker Nissan (OTC:NSANY), does not plan to take a stake in the combustion engine unit, the sources told Reuters.Renault and Geely declined to comment. Nissan did not immediately respond to a request for comment. The French carmaker is due to unveil this autumn plans for creating an EV-dedicated unit based in France and another one based abroad that will bring together all of its petrol and hybrid engine and transmissions production sites in Spain, Portugal, Turkey, Romania and Latin America.

Renault intends to remain the majority shareholder in its "Ampère" electrical division, which will employ around 10,000 people and could list on the stock market in the second half of 2023.

But it will only retain a minority stake in its "Horse" combustion engine business, which will have a similar sized workforce, but would remain a reference shareholder with significant clout in the unit.