Renault has formed a joint venture partnership with Jiangling Motors Corporation Group (JMCG) to target the Chinese electric vehicles market, in a deal which will also see Renault take a 50pc stake in the new venture.
Renault said it would increase its share capital by around 1bn Chinese RMB, or roughly €128.5m, to acquire its 50pc 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 electric vehicles capabilities,” said Francois Provost, senior VP and chairman of China region for Renault.
“As a pioneer and leader in the European electric vehicles market for since 10 years, we will capitalise on our experience in electric vehicle R&D, production, sales and services,” added Mr Provost.
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