December 21 (Renewables Now) - French carmaker Renault (EPA:RNO) Thursday announced it has signed an agreement with Chinese peer Jiangling Motors Corporation Group (SHE:000550), or JMCG, to acquire a stake in the carmaker's electric vehicle (EV) unit JMEV to increase its presence in the country.
The French company did not disclose any financial details related to the deal, noting only that it agreed to acquire a "significant" stake in the electric vehicle company.
Scheduled for review by the Chinese regulatory authorities in the first half of 2019, the deal is expected to complete in 2019.
Set up in Nanchang back in 2015, JMEV is said to be one of the largest EV producers in China, expecting to reach sales of 50,000 electric cars in 2018. In 2017, the company produced and sold 38,000 electric vehicles.
Renault is already part of three EV joint ventures in China. The French carmaker claims to be the leader in EV production in Europe with one in every four electric cars being produced by Renault.