Geely and Renault formally agree on cooperation in South Korea


The logo of Renault carmaker is pictured at a dealership in Vertou, near Nantes, France. - Reuters

BEIJING, Jan 22 (Reuters): China's Geely Holding and France's Renault have formally agreed a deal to jointly design and produce electric hybrid and gasoline-fueled vehicles in South Korea for sale there, as well as for export, according to a joint statement by the two automotive groups.

The new vehicles, based on Geely’s compact vehicle architecture as well as its hybrid powertrain and other technologies, will be produced at the Renault-Samsung facility in Busan with production forecast to begin in 2024.

"This collaboration marks a further step in efforts by the two automobile groups in producing low-emission models, as well as increasing their penetration in the Asian HEV markets,” the statement said.

HEV refers to gasoline-electric hybrid vehicle technology.

For Renault, the joint venture deal, in the works since last year, will allow its struggling South Korean unit to strengthen its product lineup and expand its market.

Renault has been making and selling cars in South Korea for over two decades via a local brand with a Samsung Group unit.

Reuters reported last month that Geely and Renault were set to announce a deal to jointly produce Geely's hybrid vehicles in South Korea, looking at possibly exporting cars duty-free to the United States. - Reuters

Article type: free
User access status:
Join our Telegram channel to get our Evening Alerts and breaking news highlights

Geely , Renault , Cooepration

   

Next In Aseanplus News

Asean News Headlines as at 10pm on Wednesday (May 25)
Philippine court orders compensation for victims of 1993 mining disaster
Suu Kyi's family file complaint at UN against her detention
Second rescued giant stingray returned to Mekong River
Philippines Congress proclaims Marcos as next president
Five Indonesian military personnel detained in Langkat caging case
Vietnam logs 1,344 new Covid-19 cases, two deaths
Thailand to step up screening of imported animals amid monkeypox fears
Beijing says US-backed Asia plan seeks to 'decouple' countries from China
Beijing health chief sacked as city battles virus outbreak

Others Also Read