Geely Holdings and Renault Group have joined hands and inked a Memorandum Of Understanding (MOU) to put in place a framework of cooperation to market cars in both China and Korea.
The venture, as part of Renault’s namesake “Renaulution Plan” will see both companies share resources and technologies to introduce hybrid and other new-energy vehicles in China and Korea.
In China, based on Geely Holding’s existing technologies and mature industrial footprint, both partners will jointly introduce Renault-branded hybrid vehicles. Renault will contribute to branding strategy, channel and service development, defining appropriate customer journey.
In South Korea, where Renault Samsung Motors has over two decades of experience, the MoU allows Renault Group and Geely Holding to jointly explore the localization of vehicles based on Lynk & Co’s energy-efficient vehicle platforms for local markets.
The highly strategic partnership will allow Renault to regain access to the world’s largest automotive market through Geely (after a short hiatus), Geely on the other hand, will now have an open door to access the lucrative Korean automotive market and further capitalise on its global supply chain to lower costs and increase its overall volume.
Both automotive groups will also continue to seek more in-depth potential partnerships under the spirit of open and innovative collaboration.