NANCHANG, July 17 (Xinhua) -- Chinese automaker Jiangling Motors Corp. and Renault announced the establishment of a joint venture on Wednesday to further promote their strategic layout in China's new energy vehicle (NEV) market.
Renault took a 50 percent stake, with an investment of one billion yuan (about 145 million U.S. dollars), of the Jiangling Motors Group New Energy Automobile Co., Ltd.
The cooperation with Jiangling on new energy business will help support Renault's future development in China, said Francois Provost, senior vice president, chairman of the China region of Groupe Renault.
As a leading company in the European electric vehicle market, Renault will bring its experience over the decade in research and development, manufacturing, sales and service to the joint venture, according to Provost.
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