Geely to own a third of Renault Korea
Geely Automobile Holdings (Geely Auto) has announced that it is all set to take a one-third share stake in Renault Korea Motors.
Renault Group and Geely Auto are China’s largest privately-owned automotive group and have entered into a share subscription and joint venture agreement that will result in Geely (through its subsidiary Centurion Industries Ltd) holding 34.02% of total shares in Renault Korea Motors (RKM).
In January 2022, the companies jointly announced a new collaboration to bring both hybrid electric vehicles (HEVs) and ICE models to the South Korean market, while also exploring overseas markets. All manufacturing of the new vehicles will be done at RKM’s facility in Busan, South Korea. Mass production will begin in 2024.
The deal reflects the two companies’ confidence in the South Korean market.