May 10 (Reuters) – Renault RENA.PA announced on Tuesday that it would sell 34% of the capital of its Korean division to the Chinese group Geely Automobile Holdings 0175.HK for 207 million dollars, as part of a centralized strategy on the domestic market and the electric automobile.
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)