Renault withdraws from Wuhan joint venture April 15 5:48
Renault, a French automobile manufacturer, announced that it will withdraw from a joint venture based in Wuhan, China. This is to revise the strategy in the Chinese market, where the future is uncertain due to the new coronavirus, and focus on electric vehicles, which are expected to grow.
On the 14th, Renault announced that it will withdraw all of its shares in its joint venture in Wuhan, China, which has been producing passenger cars under its own brand, by selling all of its shares to its joint venture partner, Dongfeng Motor.
Sales of passenger cars assembled in Wuhan have been sluggish for some time, and we have decided to revise our strategy in the Chinese automobile market, where the future is uncertain due to the new coronavirus.
In China, Renault is also developing a joint venture for electric vehicles and commercial vehicles, which are expected to grow.In the future, Renault will focus on this and further develop a cooperative relationship with Nissan Motor Co., Ltd. I want to keep it alive.
Due to the spread of infection, automobile manufacturers around the world, including Renault, have stopped operating at many production bases, and are in a difficult business environment.