Renault will increase its share capital by RMB 1 billion (Rs 999 crore) to become a major shareholder of JMEV with a 50 percent stake.
Renault and Jiangling Motors Corporation Group (JMCG) today officially announced setting of of a new joint venture to further promote development of EVs in China. The partners had signed first agreement on December 20, 2018, where Groupe Renault purchased significant share in JMEV, a subsidiary of JMCG.
As per the new announcement, the Renault Group will increase its share capital by RMB 1 billion (Rs 999 crore) to become a major shareholder of JMEV with a 50 percent stake. JMEV has already completed business license registration.
The partners say the cooperation is part of their overall strategy. Through this joint venture, Groupe Renault aims to expand its influence in China’s electric vehicle market, while JMCG will be able to integrate and leverage more resources, which will promote its rapid growth in the future.
Francois Provost, senior vice-president, chairman, China Region, Groupe Renault, said: "China is a key market for Groupe Renault. This partnership in electric vehicle business with JMCG will support our growth plan in China and our EV capabilities. As a pioneer and leader in the European EV market for 10 years, we will capitalise on our experience in EV R&D, production, sales and services."
Qiu Tiangao, chairman, JMCG, said: "Adhering to the concept of openness and cooperation, JMCG is one of the first domestic enterprises to introduce international strategic partners. By partnering with Groupe Renault, JMEV will be able to elevate its comprehensive competitiveness to a new level and penetrate into China’s electric vehicle market."
Set up in 2015, JMEV is a subsidiary of the JMCG. The company says it will continuously complete its deployment in EV and connectivity technologies and strive to build a full range of new vehicles to support the EVEASY Brand.
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