Car manufacturers Geely and Renault said on Monday they would jointly work to develop petrol-electric hybrid vehicles for core fast-growing markets such as China and South Korea.
According to a memorandum published by the two firms, the cooperation between them will reflect Geely’s opening strategy to its vehicle architecture and accelerate the landing of Renault’s “Renault Plan” in China and South Korea. In the Chinese market, the two sides will jointly develop hybrid models under the Renault brand and based on Geely’s technology, while in the South Korean market, they will cooperate based on the CMA architecture of Lynk&Co, an energy-saving brand, to jointly develop models suitable for the market.
Renault didn’t invest or hold any shares in Geely, the statement showed.
Geely announced its vehicle sales for July on August 6. Of the total sales volume in the month, 7,794 units were new energy and electrified vehicles. Geely exported 7,054 vehicles and sold 92,221 vehicles in the Chinese mainland. In addition, Geely’s full year sales volume target is 1.53 million units.