Renault and JMCG establish joint venture for electric vehicles
Groupe Renault and Jiangling Motors Corporation Group (JMCG) have announced the official establishment of their JMEV joint venture to promote the development of the EV industry in China.
Groupe Renault will increase its share capital by RMB 1 billion ($AU210 million) to become a major shareholder of JMEV with a 50 per cent stake. Through this joint venture, Groupe Renault says it will expand its influence in China’s electric vehicle market, while JMCG will be able to integrate and leverage more resources, which it says will promote its rapid growth in the future.
“China is a key market for Groupe Renault,” said Mr. Francois Provost, Senior Vice President, Chairman of China Region, Groupe Renault. “This partnership in electric vehicle business with JMCG will support our growth plan in China and our EV capabilities. As a pioneer and leader in the European EV market for 10 years, we will capitalise on our experience in EV R&D, production, sales and services.”
12 Aug 2019