Renault, Jiangling Motors Create Electric-Vehicle JV in China
July 17 2019 - 2:46AM
Dow Jones News
By Anthony Shevlin
Renault SA (RNO.FR) said Wednesday that it has formed an
electric vehicles joint-venture in China with Jiangling Motors
Corp. Ltd. (000550.SZ).
The French car maker said it will increase its share capital by
1 billion Chinese Yuan ($145.4 million) in order to take a 50%
stake in the joint venture.
The two companies agreed to the deal in December.
"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 [electric-vehicle] capabilities," said Francois
Provost, senior vice president, chairman of China region, for
Renault.
Write to Anthony Shevlin at anthony.shevlin@dowjones.com;
@anthony_shevlin
(END) Dow Jones Newswires
July 17, 2019 02:31 ET (06:31 GMT)
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