Renault Takes Big Stake In Chinese Electric Car Maker
Renault will expand its EV presence in China through acquisition
Renault Group and Chinese company JMCG announced an agreement in the EV field, according to which Renault Group will take a “significant stake” of JMEV (electric vehicle subsidiary of JMCG).
The JMEV is described as one of the main EV players in China, with several models on the market and sales result of 37,000 in 2017 and 50,000 expected in 2018. In other words, total sales of JMEV is pretty similar to Renault results in Europe.
More details to be revealed later.
“Groupe Renault will thus complete its offering, increase its presence in the country and further support JMEV development.Since 2015 JMCG has successfully established the company JMEV in Nanchang (Jiangxi province). JMEV has produced and sold 38,000 electric cars in 2017. Thanks to its dynamic teams and the strong growth of new energy vehicles in the country, JMEV expects to sell 50,000 electric cars in 2018.”
“This agreement will be reviewed by the relevant authorities in China during first half 2019. JMCG and Groupe Renault expect to close the transaction in 2019. At closing, they intend to explain in more details their cooperation at an event in Nanchang.”
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.”