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Chinese carmaker Geely Auto to hold 34.02pct stake of French carmaker Renault's subsidiary in ROK
Chinese automaker Geely Auto Group has recently forged a partnership with French carmaker Renault, and Geely Auto Group will hold 34.02 percent of the shares of Renault Korea Motors Co., Ltd., a subsidiary of Renault, through its subsidiary Centurion Industries Limited, reported China Securities Journal Tuesday quoting the group.
Renault to reestablish its presence in China through a joint venture with Geely
The two companies are expected to announce an agreement to jointly produce the Chinese company's EVs in South Korea while considering the possibility of exporting them to the US without duties, according to what sources familiar with the matter told Reuters today.
France's Renault reports increase in first-half sales
Renault, France's second biggest carmaker, on Monday announced rising sales of its brands in the first half of this year on resilient demand in Middle East, African and Asian markets.
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