Groupe Renault has announced it has established a joint venture (JV) with Jiangling Motors Corporation Group’s (JMCG) subsidiary JMEV to further promote the development of electric vehicles (EV) in China. This is following the first agreement signed between Groupe Renault and JMCG in December, 2018. According to the new agreement, Groupe Renault will increase its share capital by RMB 1 bn (about € 128.5 mn) to become a major shareholder of JMEV with a 50 % stake.
Once created, JMEV 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. This led to the formation of a full value chain operation ecosystem in R&D, production, supply and sales for complete vehicle and critical components, the company noted. JMEV has emerged as a prominent player in China’s EV market and aims to continuously complete its deployment in EV and connectivity technologies, and build a full range of new vehicles to support the EVEASY Brand.
This cooperation is said to be a part of the overall strategy of JMCG and Groupe Renault. Through this joint venture, Groupe Renault will be able to expand its influence in China’s EV market, while JMCG will be able to integrate and leverage more resources. Combined, the result will be in the promotion of the rapid growth of the EV industry in the future, said Groupe Renault.
Francois Provost, Senior Vice-President, Chairman - China Region, Groupe Renault, said the country is a key market and this EV business partnership will support the regional growth plans. As a pioneer and leader in the European EV market since 10 years, Groupe Renault will capitalise on its experience in EV R&D, production, sales and services, he added.
Adhering to the concept of openness and cooperation, the company is one of the first domestic enterprises to introduce international strategic partners, noted Qiu Tiangao, Chairman, JMCG. By partnering with Groupe Renault, JMEV will be able to elevate its comprehensive competitiveness to a new level and penetrate into China’s EV market, he added.