According to the morning news on May 10, China’s private automobile groupGeely Automobile Holdings signed a share subscription agreement with Renault Korea Motors, a Korean subsidiary of France’s Renault Group. Previously, the parent companies of the two parties signed a cooperation framework agreement in January 2022, deciding to jointly expand the Korean market.
After the transaction, Geely Auto will, through its subsidiary Centurion Industries Limited,34.02% stake in Renault Korea.Groupe Renault will remain major shareholderRenault Korea will continue to be consolidated by the Renault Group.
The parent companies of the two parties, Geely Holding Group and Renault Group, announced their cooperation in January 2022 to launch energy-efficient fuel-efficient and intelligent hybrid models in the Korean market, and plan to launch the above products in overseas markets.The new car will be produced at Renault Samsung’s plant in Busan, South Korea, with mass production expected in 2024.
The new product will adopt the CMA modular architecture developed by Geely’s R&D center in Sweden and use Geely’s hybrid technology. Renault and Renault Korea will leverage their strengths in forward-looking technology, styling and user experience to provide local users with an experience.
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