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Renault in China NEV expansion
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GROUPE Renault and China’s Jiangling Motors Co Group announced a deal to cooperate on electric vehicle yesterday, as the French automaker aims to become a major new-energy vehicle player in the fast-growing Chinese market.
Renault will hold a significant stake in JMEV, a subsidiary of Jiangling Motors Co Group. The agreement will be reviewed by Chinese authorities during the first half of 2019. Renault also said more details will be released soon.
JMEV, established in 2015 in Nanchang, Jiangxi Province, produced and sold around 38,000 electric cars in 2017 and expects that to rise to 50,000 this year.
China is actively promoting the development of new-energy vehicles. In the first 11 months of this year, NEV sales surged 68 percent year on year to 1.03 million vehicles, according to data released by the China Association of Automobile Manufacturers.
Foreign automakers see major potential in China’s NEV sector and are actively courting Chinese partners.
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