(CercleFinance.com) – Renault Group and Geely Auto, China’s largest private automotive group, announce a share subscription and joint venture agreement following a framework agreement signed in January between the French automaker and Geely Holding.
As part of these agreements, Geely Auto will subscribe for 34.02% of the shares of Renault Korea Motors (RKM) through a capital increase mechanism, an operation which will be subject to the approvals of the competent authorities.
“This will strengthen the collaboration between Renault Group and Geely Auto in future projects around the launch of a whole new range of vehicles for the South Korean market, as announced on January 21,” explains the group with the diamond.