Renault and Jiangling Motors Corporation Group (JMCG) are establishing a joint venture to promote the development of the EV industry in China, following a first agreement in December last year.
The French manufacturer will increase its share capital by RMB1bn (US$144m) to become a major shareholder of JMEV with a 50% stake. JMEV has already completed business licence registration.
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Through the joint venture, 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.
“China is a key market for Groupe Renault,” said Renault SVP, chairman of China region, François Provost.
“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 ten years, we will capitalize on our experience in EV R&D, production, sales and services.”
Set up in 2015, JMEV is a subsidiary of JMCG. JMEV obtained certification to manufacture battery electric passenger vehicles and built research capability, supply chain, production capacity and market deployment, forming a value-chain ecosystem in R&D, production, supply and sales for vehicle and critical components.
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By GlobalDataJMEV will complete its deployment in EV and connectivity technologies and look to build a full range of new vehicles to support the Eveasy brand.
