Renault to acquire interest in Jiangling Motors' EV subsidiary
Automotive News China
Automotive News | 2018-12-21
Renault signed a deal with Jingling Motors Electric Vehicle Co. to acquire a major stake in the EV subsidiary of Chinese automaker Jiangling Motors Group. |
The deal for "a significant stake" in JMEV will help Renault expand its presence in China¡¯s electric vehicle market, the French automaker said Thursday.
Renault expects to close the deal in 2019.
Additional details about the deal were not disclosed.
JMEV was set up in the east China city of Nanchang in 2015. The company expects to sell 50,000 EVS in 2018, up from 38,000 in 2017, according to Renault.
The deal is Renault¡¯s third vehicle production joint venture in China.
The French automaker operates a passenger vehicle joint venture with Dongfeng Motor Group in the central China city of Wuhan. It also has a light commercial vehicle partnership with Brilliance Jinbei Automobile Co. in the northeast China city of Shenyang.
JMEV¡¯s corporate parent, Jiangling Motors Group, also operates a truck joint venture with Ford Motor Co. in Nanchang.
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