The Chinese company Geely announced that it will take, together with Geely Holding, a 26.4% stake in a new joint venture with the French Renault, aimed at producing and selling new models for the Brazilian market.
According to the “Reuters”, Renault will have a majority stake of 73.57% in the new company, which will produce vehicles for the Brazilian market under the Renault and Geely brands, in addition to manufacturing and distributing light commercial vehicles under the Renault brand.
The agreement now announced, which is subject to market regulator approval, follows the decision of the two companies, announced in February, to establish a partnership to produce and sell low-emission vehicles in Brazil.
The new Brazilian joint venture will also include the global partnership between Renault and Geely for the production of thermal engines, based in London, and at the jointly owned factory in South Korea.
