Renault Korea Shares Plans for Eco-Friendly New Models Including Midsize SUVs with Partners

Targeting Over 60% Localization Rate for Parts
Advancing with Top-Level Advanced Features Installed

[Asia Economy Reporter Kiho Sung] Renault Korea Motors announced on the 25th that it participated in the 'RKSA Regular Seminar' hosted by the 'Renault Korea Motors Supplier Council (RKSA)'.

At the seminar held the previous day at Lotte Hotel in Busan, Hong Young-jin, the newly appointed head of the purchasing division, attended and shared Renault Korea's preparation status and plans for eco-friendly new vehicles, as well as explained the new supplier guidelines from the perspective of ESG (Environmental, Social, and Governance) management.

Renault Korea is collaborating with suppliers on parts development to achieve a localization rate target of over 60% for eco-friendly new vehicle parts. In particular, since the upcoming new vehicles aim to equip industry-leading advanced features so that customers can enjoy new digital experiences inside the car, Renault Korea is making significant investments with suppliers to secure competitiveness in eco-friendly and advanced technologies.

The first model among Renault Korea's eco-friendly new vehicles, a mid-size sports utility vehicle (SUV), is being developed at Renault Technology Korea with a goal to launch in 2024. It is based on the globally renowned CMA platform developed by Geely Group's Swedish R&D center and the next-generation hybrid system.

The new supplier guidelines explained by Renault Korea from the ESG management perspective include strengthened efforts to reduce environmental pollutants throughout the entire vehicle production process compared to previous guidelines. All Renault Korea suppliers must comply with enhanced environmental standards in their delivered products and production processes in accordance with Renault Group's strengthened environmental evaluations.

Nagiwon, CEO of Shinheung Engineering and chairman of the Renault Korea Supplier Council, stated, "Despite difficult conditions where suppliers face liquidity issues due to soaring raw material prices, logistics costs, exchange rates, and high interest rates, securing stable production volume of the XM3 this year has been a great support." He added, "Through closer win-win cooperation between Renault Korea Motors and suppliers, we will strive together not only for successful new vehicle development but also for mutual growth in the future automotive era."

This content was produced with the assistance of AI translation services.