On January 21, Geely Automobile officially announced that Geely Holdings and Renault Group have signed a memorandum of understanding to launch listed Renault fuel vehicles and intelligent hybrid vehicles through Renault Samsung's production base in Busan, South Korea, based on Geely Automobile's CMA structure and Raytheon hybrid technology, and expand them in overseas markets such as South Korea and North America.
It is reported that the first prototype of the new car in geely's joint venture with Renault may be a hybrid model Lynk & Co 01 PHEV, which will be exported to the US market after changing the label of Renault, because of the free trade agreement between South Korea and the United States, the car will be exempted from customs duties, and the new car is scheduled to be put into production around 2024.
It is reported that in this cooperation between the two sides, Geely Automobile will serve as the exporter of automotive technology and the research and development of new cars, and Renault will be responsible for the design and brand operation. Therefore, this move is also seen as a signal for Geely Automobile to innovate in science and technology and participate in the global automotive market competition.
For Renault, in April 2020, it withdrew from the joint venture with Dongfeng Group, and at the end of 2021, Renault Brilliance Filed for Bankruptcy, and the only remaining Jiangling Renault electric business in China is also in jeopardy, and cooperation with Geelyhe is also a readjustment of Renault's strategy towards China.