Renault inks pact with Geely Holding for HEVs in South-Korea

In a bid to increase penetration in Asian HEV market, Renault Group and China’s Geely Holding Group (Geely Group), have signed an agreement to launch a new collaboration dedicated to bringing fuel-efficient Hybrid Electric Vehicles (HEV) and Internal Combustion Engine (ICE) models in South Korea.

The new vehicles will be produced at the Renault-Samsung facility in Busan, South Korea, forecast to begin in 2024. The partnership also forms part of Renault’s “Renaulution” program to upgrade the RSM brand and product portfolio by using industry leading technology, engineering and services as well as working with strong local partners. The new products will utilise Geely Group’s compact modular architecture (CMA) and the Group’s advanced hybrid powertrain technologies. Renault and RSM will contribute their expertise in design and customer experience, while providing cutting-edge technologies to meet and exceed local market expectations.

Eric Li, Chairperson of Geely Holding Group, said, “Geely has a proven track record in creating mutually beneficial collaborations that focus on technology, experience and shared ideas with the ultimate goal of creating higher quality, more sustainable products. We are looking forward to working with Renault and realizing new synergies that combine strengths from both parties.”

While vehicles will be initially designed for the South Korean market, RSM will allow for their export in the future. Luca de Meo, CEO of Renault Group, said: “We are happy to initiate such an innovative partnership with Geely Group, which has impressive track record in Automotive Industry. Through this project, Geely Holding and Renault Group pave the way to pursue 20 years of successful RSM journey and contribution to the South-Korean industry.”