Geely Holdings and Renault Group sign a memorandum of understanding to jointly develop hybrid models, targeting China and South Korea markets

On the morning of August 9, Red Star Capital Bureau learned from Geely Holdings that France’s Renault Group and Geely Holdings Group have signed a memorandum of understanding. The two parties will jointly develop Renault-branded hybrid models based on their own advantages. Its key markets include China and South Korea.

After the Renault Group withdrew from the Chinese market in 2020, it released the Renaulution framework on January 14, 2021, and plans to launch 24 products by 2025, including at least 10 pure electric vehicles.

Geely Holding stated that in the Chinese market, Geely Holding will cooperate with Renault Group in terms of brand strategy, content and channels, and ecological service development; in the Korean market, Renault Group and Geely Holding will cooperate based on the Lynk & Co energy-saving platform CMA structure. Jointly develop models suitable for the Korean market.

Data show that Renault Group sold nearly 120,000 electric vehicles in 2020, and the main market is concentrated in Europe. As China is the world‘s largest consumer market for electric vehicles, Renault has not yet launched a competitive model. According to the financial report for the first half of 2021, the Renault Group achieved revenue of 23.4 billion euros, a year-on-year increase of 26.8%.Net profit368 million euros and an operating profit margin of 2.8%.

For the cooperation between Geely Holding and Renault Group, its controlling listed companyGeely Automobile(00175.HK) Released on the morning of August 9thannouncementSaid that the company is not a party to the transaction, nor has it cooperated with Geely Holdings or raised financing from Geely Holdings.

(Source: Red Star Capital Bureau)

Article source: Red Star Capital Bureau

Editor in charge: DF551

Original title: Geely Holdings and Renault Group signed a memorandum to jointly develop hybrid models, targeting the Chinese and Korean markets

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