Automobile manufacture Renault is to partner with Jiangling Motors to offer access to the world’s ‘largest’ electric vehicle market.
Renault is reported to be injecting €128m (£116m) into an electric vehicle joint venture with China’s Jiangling Motors, giving the French car-maker greater exposure to the world’s largest market for EVs.
The Financial Times reports that Renault will take a 50% stake in JMEV, a subsidiary of Jiangling Motors which was launched in 2015.
The joint venture will aim to build a new range of vehicles.
According to the Financial Times, last year China became the first country to see new energy vehicle sales pass 1 million, with three-quarters being made up of EV’s.
Francois Provost, senior vice-president, and chairman of China at Renault said, ‘This partnership in electric vehicle business with JMCG will support our growth plan in China and our EV capabilities.’
In October the French carmaker signed a joint venture with another Chinese company, Brilliance China Automotive, to manufacture and sell light commercial vehicles including three new electric vehicles, reports the Financial Times.