Renault and JMCG Establish Joint Venture For Electric Cards in China
Groupe Renault and Jiangling Motors Corporation Group (JMCG) have officially established a joint venture to further promote the development of the EV industry in China, following a first agreement in late 2018.
As part of the deal, Groupe Renault will increase its share capital by RMB 1 billion (about 128.5 million euros) to become a major shareholder of JMEV with a 50% stake. JMEV has already completed business license registration.
This cooperation is part of the overall strategy of JMCG and Groupe Renault. Through this joint venture, Groupe Renault will be able to expand its influence in China’s electric vehicle market, while JMCG will be able to integrate and leverage more resources, which will promote its rapid growth in the future.
"China is a key market for Groupe Renault. This partnership in electric vehicle business with JMCG will support our growth plan in China and our EV capabilities. As a pioneer and leader in the European EV market for 10 years, we will capitalize on our experience in EV R&D, production, sales and services," said Mr. Francois Provost, Senior Vice President, Chairman of China Region, Groupe Renault.
"By partnering with Groupe Renault, JMEV will be able to elevate its comprehensive competitiveness to a new level and penetrate into China’s electric vehicle market," said Mr. Qiu Tiangao, Chairman of JMCG.