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News & info News

Geely Automobile will take a stake in Renault Korea Automobile with a shareholding ratio of 34.02%

日期: 2022-05-12
浏览次数: 0

Xinhua Beijing, May 10 (Xinhua) Recently, Geely Automobile signed a share subscription agreement with Renault Korea Automobile, a Korean subsidiary of Renault Group of France. Previously, the parent companies of both parties had signed a cooperation framework agreement in January 2022, and decided to jointly expand the Korean market.

After the transaction is completed, Geely Automobile will hold 34.02% of Renault Korea Automobile through its subsidiary Centurion Industries Limited. Renault Group will remain a major shareholder, and Renault Korea will continue to be consolidated by Renault Group.

The parent companies of both parties, Geely Holding Group and Renault Group, announced their cooperation in January 2022, which will launch efficient and energy-saving fuel and intelligent hybrid vehicles in the Korean market, and plan to put the above products on overseas markets. The new car will be produced by Renault Samsung's factory in Busan, South Korea, and is expected to be mass-produced in 2024.

It is understood that the new product will adopt the world-class CMA modular architecture developed by Geely's R&D center in Sweden, and use Geely's advanced hybrid technology. Renault and Renault Korea will give full play to their advantages in forward-looking technology, styling design and user experience to provide local users with an experience beyond their expectations.

The new products will make use of the existing Renault Korea sales and after-sales network. As of 2021, Renault Korea's after-sales system has been ranked first in the survey of automobile consumers in Korea for six consecutive years.

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