Renault partners up with Geely to produce hybrid vehicles targeted at the Asian Markets.
The vehicles will initially target markets such as China and South Korea. In China, they will produce vehicles, branded as Renault's, based on Geely's technologies and manufacturing plants, while Renault will focus on branding strategy, sales channels as well as service.
Renault will introduce Geely's upscale brand Lynk & Co's platforms into South Korea for local vehicle production at its joint venture Renault Samsung Motors, which has been producing vehicles for around two decades.
Experts say the partnership would help the French automaker rebuild its presence in China after it ended a passenger car joint venture with Dongfeng in 2020.
For Geely, sharing its technologies with Renault reduces its development costs, and the deal with such a global carmaker is a sign of its technological competitiveness, they said.
The deal with Renault also marks a monumental step in its globalization campaign and may facilitate the entry of Geely's brands into European markets.
Its upscale brand Lynk & Co started to make forays into Europe in late 2020. The brand said it will explore markets in the Asia-Pacific region as well.
In addition to vehicle production mentioned in their agreement, the two companies said they will continue to seek more in-depth innovative partnership.
News Source: China Daily - Business
