Renault, Geely Agree to Jointly Produce Electric Vehicles in South Korea

For Renault, the joint venture deal will allow its struggling South Korean unit to strengthen its product lineup.

By Reuters | Updated: 21 January 2022 17:46 IST

Renault, Geely Agree to Jointly Produce Electric Vehicles in South Korea

The new vehicles will be produced at the Renault-Samsung facility in Busan

Highlights

HEV refers to gasoline-electric hybrid vehicle technology
Renault has been making and selling cars in South Korea
Geely and Renault were set to announce a deal

China's Geely Holding and France's Renault have formally agreed a deal to jointly design and produce electric hybrid and gasoline-fueled vehicles in South Korea for sale there, as well as for export, according to a joint statement by the two automotive groups.

The new vehicles, based on Geely's compact vehicle architecture as well as its hybrid powertrain and other technologies, will be produced at the Renault-Samsung facility in Busan with production forecast to begin in 2024.

“This collaboration marks a further step in efforts by the two automobile groups in producing low-emission models, as well as increasing their penetration in the Asian HEV markets,” the statement said.

GM to Deliver Electric SUV Cadillac Lyriq to Customers in 'Few Months'

HEV refers to gasoline-electric hybrid vehicle technology.

For Renault, the joint venture deal, in the works since last year, will allow its struggling South Korean unit to strengthen its product lineup and expand its market.

Renault has been making and selling cars in South Korea for over two decades via a local brand with a Samsung Group unit.

Elon Musk Invited by Karnataka to Set Up Tesla Plant

Reuters reported last month that Geely and Renault were set to announce a deal to jointly produce Geely's hybrid vehicles in South Korea, looking at possibly exporting cars duty-free to the United States.

© Thomson Reuters 2022

Looking to buy headphones? Listen to the experts on Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.

Affiliate links may be automatically generated - see our ethics statement for details.

Comments

For the latest tech news and reviews, follow Gadgets 360 on X, Facebook, WhatsApp, Threads and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel. If you want to know everything about top influencers, follow our in-house Who'sThat360 on Instagram and YouTube.