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Chinese tech with French flair: Geely acquires 34% of Renault Korea Motors, new CMA-based hybrids coming

Sanjay ยท May 11, 2022 10:53 AM

Chinese tech with French flair: Geely acquires 34% of Renault Korea Motors, new CMA-based hybrids coming 01

Renault Group and Geely Auto have entered a shared subscription and joint-venture (JV) agreement, which will see the latter holding 34.02% of the total issued share capital of Renault Korea Motors (RKM).

Renault Group will remain the majority stakeholder in RKM, and will continue to fully consolidate the entity.

What will this entail?

Chinese tech with French flair: Geely acquires 34% of Renault Korea Motors, new CMA-based hybrids coming 02

The Renault QM6, known elsewhere as the Koleos

This comes after the companies' earlier joint announcement in January 2022, whereby this collaboration will result in an all-new line-up of hybrid electric vehicles (HEVs) and regular, internal combustion engine (ICE) models to the South Korean and overseas markets.

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Also read: Geely puts first mass-production methanol hybrid sedan to the test in -40-degree weather

Chinese tech with French flair: Geely acquires 34% of Renault Korea Motors, new CMA-based hybrids coming 01

The Renault Laguna is sold as the SM6 in Korea

These new vehicles will be based on Geely's Compact Modular Architecture (CMA) platform, and will be powered by Geely's hybrid powertrains too. Renault and RKM, meanwhile, will contribute "their cutting-edge technologies, expertise in design and customer experience, to exceed the local market expectations."

Chinese tech with French flair: Geely acquires 34% of Renault Korea Motors, new CMA-based hybrids coming 02

The Renault XM3 (Arkana in other markets) is built alongside the QM6, SM6, and Twizy in RKM's Busan plant

The upcoming range will be produced at the current RKM facility in Busan, South Korea, with volume production forecast to begin in 2024. These cars will be sold through the existing RKM sales and aftersales network.

Also read: All-new 2022 Geely Boyue to get Volvo XC40's CMA platform, China launch later this year

Chinese tech with French flair: Geely acquires 34% of Renault Korea Motors, new CMA-based hybrids coming 03

"This capital increase reflects strong confidence by Geely Holding Group and Renault Group in the South Korean market’s strong potential which will further enhance Renault Group’s “Renaulution plan”.  

"Both companies are fully committed to Renault Korea Motors by introducing new product portfolio that will lead to greater market share in the South Korean domestic market whilst exploring export market opportunities," said the companies in a joint statement.

Sanjay

Senior Writer

With humble beginnings collecting diecast models and spending hours virtually tuning dream cars on the computer, his love of cars has delightfully transformed into a career. Sanjay enjoys how the same passion for cars transcends boundaries and brings people together.

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