Seems like a pretty good deal for Geely...
Chinese automaker Geely Automobile Holdings has just acquired 34.02% of Renault Korea Motors for $207 million, as it doubles down on its partnership with the French automaker in South Korea. Incidentally, RKM recently made a corporate name change in March this year from its former Renault Samsung Motors identity, dropping Samsung; which represented its partner Samsung Card which still holds a 19.9% stake in the company.
The new development follows a January agreement where Geely would loan Renault Samsung Motors its compact module architecture to build new HEV and ICE models for the South Korean market with the possibility to export, as well. RKM's lineup presently consists of three locally produced models, the SM6 sedan, QM6, and SM3 SUVs; along with two import models, the Renault Master LCV and Zoe BEV . The production agreement aims to increase the lineup by 2024.
The new deal also adds a significant chunk to Renault's war chest for establishing its new EV arm that aims to against the likes of Tesla,