China News Service, Beijing, May 10 (Reporter Yan Xiaohong) Geely Automobile Holdings, China's largest private automobile group, announced on the 10th that Geely Automobile Holdings (hereinafter referred to as "Geely Automobile") signed a joint venture with Renault South Korea, a Korean subsidiary of France's Renault Group. Subscription agreement to jointly expand the Korean market.

  After the transaction, Geely Automobile will hold a 34.02% stake in Renault Korea Motors through its subsidiary Centurion Industries Limited.

Groupe Renault will remain the major shareholder, and Renault Korea will continue to be consolidated by Groupe Renault.

  The parent companies of the two parties, Geely Holding Group and Renault Group, announced their cooperation in January 2022 to launch efficient and energy-saving fuel and intelligent hybrid models in the Korean market, and plan to launch the above products in overseas markets.

The new car will be produced at Renault Samsung's plant in Busan, South Korea, with mass production expected in 2024.

  The new product will adopt the world-class CMA modular architecture developed by Geely's R&D center in Sweden, and use Geely's advanced hybrid technology.

Renault and Renault Korea will leverage their advantages in forward-looking technology, styling design and user experience to provide local users with a good experience.

The new product range will leverage the existing Renault Korea sales and aftermarket network.