Renault has formed a joint venture partnership with Jiangling Motors Corporation Group (JMCG) to target the Chinese electric vehicles (EV) market, in a deal which will also see Renault take a 50% stake in the new venture.
Renault said it would increase its share capital by around 1 billion Chinese RMB, or roughly 128.5 million euros (roughly R2bn), to acquire its 50% stake in the new venture.
"China is a key market for Groupe Renault. This partnership in electric vehicle business with JMCG will support our growth plan in China and our EV capabilities," said Francois Provost, Senior Vice President and Chairman of China region for Renault.
"As a pioneer and leader in the European EV market for since 10 years, we will capitalise on our experience in EV R&D, production, sales and services," added Provost.
Just R20 for the first month. Support independent journalism by subscribing to our digital news package. 