[Aika Auto Industry News Original]
On May 10, Geely Automobile Holdings signed a share subscription agreement with Renault Korea Automobile, a Korean subsidiary of The French Renault Group, with a shareholding ratio of 34.02%. Previously, the parent companies of the two sides signed a cooperation framework agreement in January 2022 and decided to jointly expand the Korean market.
The parent companies of the two parties, Geely Holding Group and Renault Group, announced in January 2022 that they will launch high-efficiency and energy-efficient fuel and smart 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, and mass production is expected in 2024.
The new product will use the Geely CMA modular architecture, leveraging the existing Renault Korea sales and aftermarket network. Geely Automobile said that the capital increase reflects the strong confidence of Geely Holding Group and Renault Group in the huge potential of the Korean market, and at the same time, the two companies in the Korean market will work together to help Renault Korea enrich its product portfolio, achieve double growth in brand penetration and sales in the Korean market and export market, and accelerate the landing of Renault Group's "Renaulution Plan".
Editor's summary: It is reported that the first step in Geely's cooperation with Renault Korea will be to produce Lynk & Co models in South Korea and hang Samsung logos for sale. In fact, the cooperation between Geely and Renault is not difficult to understand, Geely and Renault need a platform, Geely wants to go out, and Renault wants to walk in, it just so happens that the two brands have each other's needs, and the cooperation is logical.
Highlights review:
Will Renault return? Geely Renault or sign a cooperation agreement
Geely/Renault reached a cooperation to develop the hybrid power car market
Powered by a hydrogen-fueled engine, Renault unveils a new concept car