Renault Sells Stake in Chinese Joint Venture Due to COVID-19 Impact
[Asia Economy Reporter Son Sun-hee] French automobile manufacturer Renault is reportedly planning to sell its stake in its Chinese joint venture to its partner Dongfeng due to the impact of the novel coronavirus (COVID-19).
According to local media on the day, Renault recently decided to sell its stake in the joint venture established last July with China's Jiangling Motors Corporation Group (JMCG) to target the Chinese electric vehicle market.
However, Renault and Dongfeng have agreed to continue their cooperation by supplying parts for the development of next-generation engines to their joint venture Dongfeng Renault Automobile Company (DRAC). Furthermore, even if DRAC stops using the Renault brand in the future, they will collaborate on the development of vehicles equipped with advanced information technology.
Hot Picks Today
"Only Two Per Person" Garbage Bag Crisis Was Just Yesterday... Japan Also Faces Shortage Anxiety
- "Samsung Electronics Employee with 100 Million Won Salary Receiving 600 Million Won Bonus... Estimated Tax Revealed"
- Lived as Family for Over 30 Years... Daughter-in-Law Cast Aside After Husband's Death
- 'Will Demand Finally Decline Due to High Prices?'... "I'll Just Enjoy Nearby Trips" as Japan and China See a Surge
- "Wore It Once, Then This? White Spots All Over 4.15 Million Won Prada Jacket... 'Full Refund Ordered'"
Renault has suffered significant setbacks following the indictment of former Renault-Nissan chairman Carlos Ghosn in Japan on charges including embezzlement, which severely destabilized management, and the closure of factories and sales decline after the outbreak of COVID-19.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
