Renault: joint venture for electric cars in China

(CercleFinance.com) - Renault announces this morning the creation of a Chinese joint venture dedicated to electric vehicles with local partner Jiangling Motors Corporation Group (JMCG).


This decision follows an agreement entered into between the two groups on 20 December 2018.

Renault will increase its share capital by one billion yuan (approximately 128.5 million euros) to take a 50% stake in JMCG subsidiary JMEV, which will consequently become an equal joint venture.

"China is a key market for Groupe Renault. This partnership in electric vehicle business with JMCG will support our growth plan in China and our EV capabilities" comments François Provost, head of Renault for the country.

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