RENAULT TO SELL 34% OF ITS KOREAN DIVISION TO CHINESE GEELY FOR 207 MILLION DOLLARS
(Reuters) – Renault announced on Tuesday that it would sell 34% of the capital of its Korean division to the Chinese group Geely Automobile Holdings for 207 million dollars, as part of a centralized strategy on the domestic market and electric cars .
The deal comes several months after the French automaker and Geely announced a partnership to develop a range of electric vehicles for South Korea and overseas markets, using Renault’s Busan plant as a production site.
(Report Savyata Mishra in Bangalore; French version Jean Terzian)