wants to revive significant sales in China. There is established a joint venture with a major car manufacturer in the country. Renault will share technology and resources with Geely (owned by i ) to bring Renault hybrid vehicles to China.
The companies plan to take advantage of Geely’s supply chain and manufacturing capabilities. Renault will focus on sales and marketing.
Along with China, companies view South Korea as a key market for their joint venture. They plan to sell localized versions of hybrids from Geely Lynk & Co brand.
According to the joint venture, it is likely to expand to other Asian markets in the future , who reported that Renault and Geely are also considering the production of fully electric vehicles. Renault an ambitious time frame for electrifying vehicles. It is predicted that 65 percent of its line will be electric by 2025.
The partnership in China seems important to Renault, which has struggled to sell cars under its own name in that country. It only 2,324 Renault cars in 2020, down 89 percent from a year earlier, amid the COVID-19 pandemic and global semiconductor shortages. By comparison, Jinbei and Huasong, brands jointly owned by Renault and Brilliance Auto, sold 154,049 vehicles in China last year.
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