Groupe Renault strengthens its presence in Chinese EV market

Groupe Renault and JMCG have entered into an agreement. According to which Groupe Renault will take a significant part of JMEV.

JMEV is a subsidiary of JMCG and one of the main EV players in China. It was established by JMCG in 2015 in Nanchang (Jiangxi province). In 2017, the company produced and sold 38,000 electric cars and expects to sell 50,000 electric cars in 2018.

Groupe Renault is one of the leaders in EV in Europe: 1 out of 4 EV on European roads is a Renault. The company has a presence in China through 3 JVs.

China is one of the fastest growing EV markets and represents around 50% of the worldwide EV market. This has led many global automakers heading towards the country. Following the trend, Groupe Renault will thus increase its presence in the country through this agreement and further support JMEV development.

According to the company, this agreement will be reviewed by the relevant authorities in China during the first half of 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.

Source: Press Release


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