Renault
Group said in a press release it had signed final agreements with
China’s Geely Holding to expand their partnership in Brazil,
covering the production and sale of low- and zero-emission vehicles
under both the Renault and Geely brands.
Under the
deal, Geely will acquire a 26.4% stake in Renault do Brasil, while
Renault retains majority ownership and control.
The
agreement gives Geely access to Renault’s industrial and commercial
network in Brazil, one of Latin America’s largest car
markets.
The
companies plan to assemble vehicles for both brands at Renault’s
Ayrton Senna plant in São José dos Pinhais, Paraná.
Renault
will also use Geely’s GEA platform to develop new low and
zero-emission models for Brazil.
Renault
do Brasil will handle distribution of Geely vehicles in the
country, including the Geely EX5 electric SUV, which is already
available through dealerships within Renault’s network.
François
Provost, CEO of Renault Group, said: “The partnership we are
announcing today with Geely in Brazil marks a decisive step forward
in our international strategy. It establishes an agile cooperation
founded on industrial excellence and technological
leadership.”
Eric Li,
Chairman of Geely Holding Group, added: “Our continued cooperation
with Renault in exploring new markets and new opportunities will
make for a win-win scenario.”
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