Renault and JMCG have announced the establishment of their joint venture to further promote the development of Electric Vehicles industry in China
Groupe Renault and Jiangling Motors Corporation Group (JMCG) have announced the establishment of their joint venture to further promote the development of the Electric Vehicles industry in China following their first agreement on December 20, 2018.
Renault will increase its share capital by 128.5 million euros to become a major shareholder of JMEV with a 50 percent stake. JMEV has already completed its business license registration.
This cooperation is part of the overall strategy of JMCG and Groupe Renault. Through this joint venture, Renault will be able to expand its influence in China’s electric vehicles market, while JMCG will be able to integrate and leverage more resources, which will promote its rapid growth in the future.
“China is a key market for Groupe Renault. This partnership in electric vehicle business with JMCG will support our growth plan in China and our EV capabilities. As a pioneer and leader in the European EV market for 10 years, we will capitalize on our experience in EV R&D, production, sales and services,” said Francois Provost, Senior Vice President, Chairman of China Region, Groupe Renault.
Set up in 2015, JMEV is a subsidiary of the JMCG. It quickly obtained the certification to manufacture battery-electric passenger vehicles and made rapid breakthroughs in building up its research capability, supply chain, production capacity and market deployment, forming a full value-chain operation ecosystem in R&D, production, supply and sales for complete vehicle and critical components. The company has become a prominent player in China’s electric vehicle market.
“Adhering to the concept of openness and cooperation, JMCG is one of the first domestic enterprises to introduce international strategic partners. By partnering with Groupe Renault, JMEV will be able to elevate its comprehensive competitiveness to a new level and penetrate into China’s electric vehicle market,” said Qiu Tiangao, Chairman of JMCG.