GROUPE RENAULT AND JMCG OFFICIALLY ESTABLISH A JOINT VENTURE FOR ELECTRIC VEHICLES IN CHINA
• Groupe Renault will increase its share capital by RMB 1 billion to become a major shareholder of JMEV with a 50% stake.
17 July 2019 08:00
Boulogne-Billancourt, July 17, 2019 – Groupe Renault and Jiangling Motors Corporation Group (JMCG) announced the official establishment of their joint venture to further promote the development of the EV industry in China, following a first agreement on December 20, 2018. Groupe Renault will increase its share capital by RMB 1 billion (about 128.5 million euros) to become a major shareholder of JMEV with a 50% stake. JMEV has already completed business license registration.
This cooperation is 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 electric vehicle market, while JMCG will be able to integrate and leverage more resources, which will promote its rapid growth in the future.
"China is a key market for Groupe Renault. This partnership in 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 for 10 years, we will capitalize on our experience in EV R&D, production, sales and services", said Mr. Francois Provost, Senior Vice President, Chairman of China Region, Groupe Renault.
"Adhering to the concept of openness and cooperation, JMCG is one of the first domestic enterprises to introduce international strategic partners. 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", said Mr. Qiu Tiangao, Chairman of JMCG.
Set up in 2015, JMEV is a subsidiary of the JMCG. Once created, JMEV quickly 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, forming a full value-chain operation ecosystem in R&D, production, supply and sales for complete vehicle and critical components. The company has become a prominent player in China’s electric vehicle market operated by a young and energetic team.
JMEV will continuously complete its deployment in EV and connectivity technologies and strive to build a full range of new vehicles to support the EVEASY Brand.
• On December 20, 2018, Groupe Renault and JMCG announced an agreement in Electric Vehicles in China, read agreement press release here
• Groupe Renault’s global strategy in China read here