Geely acquires a 34 percent stake at Renault Korea. Geely CarGuidePH
Geely is set to own over a third of Renault’s South Korean subsidy just nine months after the two companiesOn completion, Geely will hold 34.02 percent of Renault Korea Motors . Renault will remain as the majority shareholder, however., as well as exploring overseas sales, including to the U.S. The new models will be produced at the current Renault Samsung facility in Busan with volume production expected to start in 2024.and will use the Hangzhou-based carmaker’s hybrid powertrain tech.
Previously, Renault Samsung relied on its European models for over two decades. However, sales in South Korea have declined for the French automaker . The new product range will be sold through the existing Renault Samsung dealer network. Meanwhile, this may serve as a “backdoor” for Geely to enter the North American market thanks to South Korea’s free trade agreement with the U.S.
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