Renault has formed a joint venture with Jiangling Motors Corporation Group to target the Chinese car market, in an agreement that will also see Renault take 50% stake in the new venture.
Renault said it would increase its capital by about 1 billion RMB Chinese, or roughly 128.5 million euros, to get 50% of its shares in the new venture.
Francois Provost, senior vice president and head of China’s Renault region, said: “China is an important market for Groupe Renault, this partnership in the JMCG electric vehicle business will support our growth plan in China and our EV capabilities” .
Provost added that “As a pioneer and leader in the European EV market for 10 years, we will benefit from our experience in EV R & D, manufacturing, sales and services.”/Investing.com
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