BOULOGNE-BILLANCOURT (dpa-AFX) - French automobile major Renault SA (RNT.L) and Geely Holding Group, a Chinese privately-owned automotive group, have signed a deal to bring fuel-efficient Hybrid Electric Vehicles or HEV, and Internal Combustion Engine or ICE models into the South Korean market as well as for export sales.
The new vehicles will be produced at the Renault-Samsung facility in Busan, South Korea. The production of the vehicles is expected to begin in 2024.
This collaboration marks a further step in efforts by the two automobile groups in producing low-emission models, as well as increasing their penetration in the Asian HEV markets.
While vehicles will be initially designed for the South Korean market, RSM will allow for their export in the future.
The partnership also forms part of Renault's 'Renaulution' program to upgrade the RSM brand and product portfolio by using industry leading technology as well as working with strong local partners.
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