Geely is Renault's new partner for the Korean market

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After the preliminary agreement in January, the Groupe Renault and the Chinese giant Geely have defined the agreement that will bring; the two manufacturers to collaborate on production and launches of new models for the South Korean market. The agreement provides for the establishment of a joint venture established with the purchase by Geely of 34% of the shares of Renault Korea Motors. The latter, also known as Renault-Samsung Motors, & egrave; was created in 2000 when Renault acquired 80% of Samsung and thus established; its own base in South Korea, where for 20 years it has offered models created on platforms of the alliance with Nissan marketed under the Samsung brand.

A PARTNER FOR HYBRIDS, BUT NOT JUST

With the entry of Geely, Renault is securing a strategic partner that will allow it to create even more products; competitive for the South Korean market, where it intends to launch a new family of cars with traditional and hybrid endothermic engines. Production will continue. to take place on site, at the Busan plant, but the new models arriving for 2024 will be developed on Geely's CMA platform (Compact Modular Architecture), the same that the Chinese Group, owner of Volvo and other brands such as Lynk & amp; Co, already uses for some models; in commerce, making use of the design and technologies already; owned by Franco-Korean partners.

INDIRECT MANEUVER

The acquisition of the shares will not be; direct , but it will happen; through Centurion Industries Limited, a branch of Geely, with the formula of the capital increase, thus entering its share to raise the overall share capital of the company, an operation that will have to; be screened and approved by the authorities; competent.

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