On the morning of May 10, Geely Automobile Holdings, a Chinese private automobile group, signed a share subscription agreement with Renault Korea automobile, a Korean subsidiary of Renault group of France. Previously, the parent companies of the two sides signed a cooperation framework agreement in January 2022 and decided to jointly expand the Korean market.
After the completion of the transaction, Geely Automobile will hold 34.02% of the shares of Renault Korea automobile through its subsidiary Centurion Industries Limited. Renault group will remain a major shareholder, and Renault Korea automobile will continue to be consolidated by Renault group.
The parent companies of the two parties, Geely Holding Group and Renault group, announced their cooperation in January 2022 to launch energy-efficient fuel and intelligent hybrid models in the Korean market, and plan to put the above products on the overseas market. The new car will be produced by Renault Samsung's factory in Busan, South Korea, and is expected to be mass produced in 2024.
The new product will adopt the CMA modular architecture developed by Geely's R & D center in Sweden and use Geely's hybrid technology. Renault and Renault Korea will give play to their advantages in forward-looking technology, modeling design and user experience to provide experience for local users.