Groupe Renault has taken a “significant” stake in Chinese electric automaker JMEV, a subsidiary of JMCG, to develop electric vehicles in the Chinese market.
JMEV was formed by JMCG in 2015 and sold 38,000 electric cars in 2017, with an expectation to have sold 50,000 this year.
The Chinese market currently represents half of the global EV market and Groupe Renault hopes to capitalize on the country’s growing opportunities.
“JMEV, the future joint venture with JMCG is fully in line with Groupe Renault’s strategy, aimed at establishing a solid position in the growing and high-potential market of EV in China,” explained Groupe Renault’s Francois Provost, chairman of Asia Pacific Region, SVP, China Operations.
“JMEV is an important local actor. This project is also very complementary with Groupe Renault other activities in China.”
JMCG general manager Wan Jianrong added: “Groupe Renault is a globally renowned automaker with leading electric vehicle business in Europe.
“JMEV’s cooperation with Groupe Renault therefore, will promote its future development that fits JMCG’s strategy.”
The agreement will be reviewed by the Chinese authorities during the first half of 2019 and is expected to be finalized during the year.
Further details of the cooperation will be revealed at an event in Nanchang.