Renault Group announced its latest partnership with Geely Holding Group, an automaker from China to start their project in South Korea.
In the partnership, they developed vehicles with Hybrid Electric Vehicles (HEV) and Internal Combustion Engine (ICE) technologies.
“We are pleased to start this innovative partnership with Geely, which has an impressive track record in the Automotive Industry. Through this project, Geely and Renault will pave the way to pursue a 20-year journey and contribute to the South Korean industry,” said Renault Group CEO Luca de Meo. , via the company’s press release Saturday.
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In addition to producing low-emission HEV and ICE cars, this collaboration also marks the efforts of Renault and Geely to optimize the Asian automotive market.
“We look forward to working with Renault and realizing new synergies that combine the strengths of both parties to create value for users,” said Eric Li, Chairman of Geely Holding Group.
The collaboration between Renault and Geely will target the South Korean market so they decided to manufacture the new vehicle at the Renault-Samsung plant in Busan.
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The two companies have not announced details regarding the model of the car that will be made, but they ensure the latest car will use the compact modular architecture (CMA) platform that Geely developed with Volvo in Sweden.
Renault and Samsung will contribute design, technology and conduct research in the South Korean domestic market.
The new car is scheduled to be available in the South Korean market in 2024. If the collaborative car is successfully sold in South Korea, Renault promises to also sell it to other Asian markets.
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