Geely Holding and its subsidiary Geely Auto signed a non-binding framework agreement with French automotive giant Renault Group regarding the creation of a new company to develop, manufacture and supply hybrid powertrains and highly efficient ICE powertrains.
Renault and Geely have signed an agreement to collaborate in bringing fuel-efficient hybrid electric vehicles and internal combustion engine models to the South Korean market, as well as for export sales.
Geely Holding and France's Renault are likely to soon announce a deal to jointly produce the Chinese automaker's hybrid vehicles in South Korea and look at possibly exporting the vehicles duty-free to the United States.
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.
French carmaker Renault said on Monday it had sealed partnerships with China's Envision AESC and France's Verkor to produce electric car batteries in northern France, Reuters reported.
Groupe Renault and Jiangling Motors Corporation Group (JMCG) announced the official establishment of their joint venture on July 17. The aim is to further promote the development of the electric vehicles industry in China.
In 2018, car manufacturer Renault celebrated its 120th birthday. On March 7, Dongfeng Renault held its “Brand Night” in Shanghai and released its “Mid-term Business Plan” for 2022. Renault announced that it has partnered with Alibaba Group in technology and new retail services as a key part of Renault’s “In China, For China” strategy.