Groupe Renault and Jiangling Motors Corporation Group (JMCG) have announced the official establishment of their joint venture to further promote the development of the EV industry in China.
Groupe Renault will increase its share capital by RMB 1 billion to become a major shareholder of JMEV, a subsidiary of JMCG, with a 50 per cent stake. JMEV has already completed its business license registration.
Groupe Renault aims to expand its influence in China’s electric vehicle market through the joint venture, while JMCG wants to integrate and leverage more resources to promote rapid growth in the future.
“China is a key market for Groupe Renault,” said Francois Provost, Senior Vice President, Chairman of China Region, Groupe Renault. “This partnership in [the] 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 since 10 years, we will capitalise on our experience in EV R&D, production, sales and services.”
“Adhering to the concept of openness and cooperation, JMCG is one of the first domestic enterprises to introduce international strategic partners,” said Qiu Tiangao, Chairman of JMCG. “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.”
JMEV was set up in 2015 and quickly obtained certification to manufacture battery electric passenger vehicles, becoming a prominent player in China’s electric vehicle market.