Another sign that electrification has shaken up global automotive business is the signing of a memorandum by China’s Geely Holding Group and France’s Renault Group. This will allow them to work together on hybrid vehicle sales.
Geely stated that the cooperation would help accelerate a “Renaulution Plan” and is focused on China, South Korea, as primary core markets.
The two companies will launch Renault-branded hybrid cars in China, which is the largest market for new-energy vehicles. Geely Holdings and Renault Group, which have over 20 years of combined experience in South Korea’s automotive industry, will investigate localization using the Lynk & Company energy-efficient vehicle platforms to localize vehicles for South Korean markets.
In 2020, Renault sold over 2.9 million cars worldwide; Geely Holding sold over 2.1 million units in 2020. This includes more than 660,000 Volvo Cars owned by Geely. Geely Auto Group, Hong Kong listed, added 1.43 Million. Geely Holding holds an interest in Daimler.
NIO, XPeng and other Chinese electric vehicle manufacturers have seen their shares rise on the back of strong domestic demand. BYD, China’s top EV maker, said last week sales more than tripled in July from a year earlier (see related story here).
Geely Holding chairman Li Shufu has a net worth of $21 billion according to the Forbes Real-Time Billionaires List.
@rflannerychinaPubliated at Mon, 9 Aug 2021 02:23:01 +0000