Renault Announces Chinese EV Acquisition

Renault Announces Chinese EV Acquisition

Renault is acquiring a stake in a Chinese automaker’s electric vehicle subsidiary.

The French automaker said it was buying “a significant part of JMEV”, the EV unit of China’s JMCG, although the companies’ joint statement did not specify what the percentage of this stake would be. Renault said it hoped to boost its Chinese “presence” with the move, saying the country “represents … 50% of the worldwide EV market”, comments which suggest it views the state as a growth market for EVs and their accompanying technology.

Renault senior vice-president of China operations François Provost said the acquisition would align neatly with his company’s aims to achieve “a solid position in the growing and high-potential market of EVs in China”. JMCG general manager Wan Jianrong added that he thought the move would “promote [JMEV’s] future development”.

The automakers’ joint statement said “the relevant authorities in China” would decide whether to approve the acquisition in 2019’s first half, but they expect it to be finalized next year. It added that they would provide further details of their combined business plans at a Nanchang event.

Leave a comment

Your email address will not be published. Required fields are marked *