Geely Holding Group and Renault Group to sign MOU on joint venture in China and South Korean Markets
- Geely Holding and Renault Group have signed an MOU to accelerate ‘Renaulution Plan’ in China and South Korea.
- In China, both partners will jointly introduce Renault-branded hybrid vehicles.
- In South Korea, Geely Holding and Renault Group will explore localization of vehicles based on Lynk & Co energy efficient platforms.
- Geely Holding and Renault Group will enhance their competitive advantages in technology and industrial systems to create leading mobility experience.
9th August 2021, Hangzhou China and Paris France. Renault Group, a global company with French roots and 120 years of history in the automotive industry, joins forces with Geely Holding Group, China’s largest privately-owned automotive group, to announce an MoU framework agreement that allows the two companies to work together on a joint venture.
This innovative venture, which focuses on China and South Korea as its first key markets, allows the two automobile giants share resources and technologies between each other. The focus of this endeavor would be on pushing hybrid vehicles into the ever-expanding Asian market.
This Geely-Renault venture was initiated after Renault Group adopted Geely Holding’s opensource strategy for its full vehicle design.
In China, based on the strength of Geely Holding’s existing platform and expansive industrial footprint, both companies will team up to introduce Renault- branded hybrid vehicles. The MoU allows Renault input on branding strategies, channel and service development as well as in defining appropriate customer journey.
In South Korea, where Renault Samsung Motors has over two decades of experience, Renault Group and Geely Holding will jointly explore localization of vehicles based on Lynk & Co’s energy-efficient vehicle platforms for local markets.
Both industry giants will continue to build a more extensive partnership in the spirit of openness and technological advancement.