Renault sells 34% of the Korean division to Geely’s Chinese

Relations between Renault e Geely, the largest auto group in China. The Asian manufacturer has in fact acquired 34.02% of the shares of Renault Korea Motors (RKM) through the capital increase mechanism. Losanga will remain the majority shareholder.

The operation follows the framework agreement between the two Groups signed in January, which provides for the creation of a joint venture with the aim of proposing a new range of vehicles for the South Korean market: both hybrid electric (HEV), with the best consumption levels, which are endothermic.

The first fruits in 2024

The cars will be produced at the Renault Korea Motors plant in Busan, South Korea, starting in 2024. Some will still be destined for export. Among other things, we know that cars will use architecture compact modular (CMA) developed by Geely, while Losanga, for its part, will take care of the design of cars, to adapt it as much as possible to the different tastes of the Eurasian market.

The vehicles will then be marketed through RKM’s existing sales and after-sales network. The second service, says Renault, “was ranked by Consumer Insight as the best in its category for six consecutive years, until 2021, in a national survey on automobile consumption”.

More and more Renaulution

For Losanga, the capital increase is going to strengthen the Renaulution’s strategythe big plan on the electric cars of the House, which has recently decided to only sell battery-powered cars in Europe from 2030: 5 years ahead of the European Union targets.

Source: Italia – News by

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