Renault is to take a significant, but unspecified part of JMEV, a subsidiary of JMCG, a major EV player in China.
JMCG established JMEV in Nanchang (Jiangxi province) in 2015, producing and selling 38,000 electric cars in 2017. JMEV expects to sell 50,000 electric cars in 2018.
"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," said Renault chairman of Asia Pacific Region, SVP, China Operations, François Provost.
"JMEV is an important local actor. This project is also complementary with Groupe Renault ['s] other activities in China."
The agreement will be reviewed by relevant authorities in China during the first half of 2019. JMCG and Renault expect to close the transaction in 2019 after which further details will be released at an event in Nanchang.
Renault says one in four EVs on European roads is a model from the French company. It has a presence in China through three JVs.
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