At this point in the film, it cannot be denied that The automotive sector is going through tough times. And not only in terms of the production and sale of vehicles, but also because of the strategic movements that take place between the brands. The last example we met months ago but until today it has not been made public. Do you remember when we told you that Renault and Geely could create a joint venture for Asia? Well, everything is done...
Yes, because through two official press releases we have learned that Geely Automobile Holdings has acquired a high percentage of shares in a Renault subsidiary. This is Renault Korea Motors (RKM) and it is one of the most unknown arms of the French conglomerate. However, we will refresh your memory. Do you know the Renault Fluence, Latitude or Koleos? Well, all these models were derived from products created for Korea...
Renault Korea Motors (RKM), thanks to Geely, will launch a new range of hybrids on Volvo's CMA platform...
As you know, Renault is going through a bad time and your accounts could be greatly affected. The reason for so much "disaster" is in the war in Ukraine and therefore they have had to make a drastic decision. They have carried out a capital increase in its Korean division that Geely has taken advantage of. In this way they join their paths to support each other and expand their respective businesses, although the Gauls will rule.
According to the press release, the Chinese group has acquired 34,02% of the share capital of Renault Korea Motors. The deal has been closed through Centurion Industries Limited, a subsidiary with which Geely acquires its companies. The main objective is launch by 2024 several hybrid models for the Korean market as well as a select number of international countries. Everything will be manufactured at the Renault Samsung factory in Busan.
Regarding his technique, few surprises. As they explain, these new models will be created on the CMA platform developed by Geely for Volvo. However, both brands will differentiate their respective versions by modifying aspects such as aesthetics, set-up and user experience. Finally, the distribution of these vehicles will take place through the sales network that Renault Korea has in the selected countries.
The cost of this share transaction has not been announced for now. In addition, for the moment the agreement is subject to the approvals of the pertinent authorities. Therefore, it is not yet closed and it could undergo alterations if the corresponding authorities believe that it could pose a problem in terms of competition... We will be attentive to the news, because it gives us that a model could reach Europe...
Source - Renault Group - Zhejiang Geely Holding Group
More information about this model
- Plazas 5
- Power 160 - 185 hp
- Consumption 6,2 - 6,8l/100km
- Assessment 4,2