FRANCE'S Renault said on Monday it is looking to revive business in China by forming a hybrid vehicle joint venture (JV) with Geely Holding Group, a year after it ended its previous operation in the world's largest car market.
The two companies have signed a framework agreement to set up the JV, which would make and sell Renault-branded petrol-electric hybrid cars in China using Geely's technologies, supply chains and manufacturing facilities while Renault would focus on sales and marketing.
Reuters reported the plan earlier on Monday, citing people familiar with the matter.
As part of the partnership, the two automakers also agreed to explore a joint localisation of Geely's Lynk & Co-brand hybrid vehicles in South Korea where Renault has been manufacturing and selling cars for more than two decades.
Image from ChannelNewsAsia
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