Geely and Renault to build hybrid cars for China and South Korea
03:55, 9 August 2021
Geely Holding said on Monday that it will partner with Renault Group to develop hybrid vehicles for fast-growing markets of China and South Korea.
The company said it signed a memorandum of understanding with French automobile maker Renault Group to form a long-term partnership to share resources and technologies and to build semi-electric vehicles with initial focus on Chinese and South Korean markets.
Geely Holdings’ portfolio of auto brands include British sports car maker Lotus Cars, Sweden-based luxury brand Volvo Cars, Italian motorcycle manufacturer Benelli and Hong Kong-listed Geely Automobile among others. Geely Holdings also has a stake in Mercedes Benz-owner Daimler and China’s sports utility vehicles-focused Great Wall Motors.
Renault in China
Renault and Geely Holding will jointly introduce Renault-branded hybrid vehicles in China. The parties will use Geely Holding’s existing technologies and industrial footprint in China, while the French automobile maker will contribute on branding strategy and, channel and service development for the Chinese market.
In South Korea, Renault and Geely Holdings will jointly explore localisation of vehicles based on Geely Holding’s unit Lynk & Co’s energy-efficient vehicle platforms, the company said.
Renault in its half-yearly results reported that its total number of vehicles produced in the first half of 2021 in China jumped over 100% compared to a year ago.
China was not among Renault’s top fifteen markets in terms of sales volume. South Korea was its 12th best market, while France, Russia and Germany were among Renault’s top three markets.