The latest agreement gives Geely better access to South America’s biggest economy
RENAULT and China’s Zhejiang Geely Holding Group plan to jointly produce and sell electric and low-emissions vehicles in Brazil as the automakers deepen their partnership.
Geely will invest in Renault’s Brazilian unit and in return get access to its production, sales and services network in the country, the French company said on Monday (Feb 17).
Both manufacturers are already working together on combustion-engine and hybrid powertrains via their Horse venture. The latest agreement gives Geely, which controls automakers including Volvo Car and Polestar Automotive Holding UK, better access to South America’s biggest economy.
Renault’s Ayrton Senna complex in the state of Parana would be used to produce new vehicles for both automaking groups.
The venture remains subject to definitive agreements and approval of the relevant regulatory authorities. The companies did not disclose financial terms. BLOOMBERG
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