Renault, the leading EV OEM in Europe, has signed an agreement to with JMEV to drive gains in China, which represents 50 percent of the worldwide EV market.
Renault will take a significant stake in JMEV, a subsidiary of JMCG and one of the main EV players in China. With this, the French carmaker will expand its product offerings, increase its presence in the country and further support JMEV development.
JMCG set up JMEV in Nanchang (Jiangxi province) in 2015. JMEV produced and sold 38,000 electric cars in 2017 and aims to sell 50,000 electric cars in 2018. JMEV is the third manufacturer in China to pass the Ministry of Industry and Information Technology to establish a new pure electric passenger car production qualification. At present, the company has a base with an annual output of 50,000 vehicles. It is planning a new plant which will have a production capacity of 300,000 units a year, of which the first phase is planned to be 150,000 vehicles a year. The plant is slated to go on stream in 2019.
François Provost, chairman of Asia Pacific Region, SVP, China Operations, Groupe Renault, said: “JMEV, the future joint venture with JMCG is fully in line with Groupe Renault’s strategy, aimed at establishing a solid position in the growing and high-potential market of EV in China. JMEV is an important local actor. This project is also very complementary with Groupe Renault other activities in China.”
Wan Jianrong, General manager of JMCG, stated: “Groupe Renault is a globally renowned automaker with leading electric vehicle business in Europe. JMEV’s cooperation with Groupe Renault therefore, will promote its future development that fits JMCG’s strategy.”
Renault is the EV leader in Europe and one out of four EVs on European roads is a Renault. The company has a presence in China through three joint ventures.