Groupe Renault and Jiangling Motors Corporation Group (JMCG) announced the official establishment of their joint venture on July 17. The aim is to further promote the development of the electric vehicles industry in China.
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.
“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 Qiu Tiangao, Chairman of JMCG.
Groupe Renault will increase its share capital by RMB 1 billion ($145 million) to become a major shareholder of JMEV with a 50 percent stake. JMEV has already completed its business license registration.
Set up in 2015, JMEV is a subsidiary of the JMCG. Once created, JMEV quickly obtained the certification to manufacture battery powered electric passenger vehicles and made rapid progress in building up its research capability, supply chain, production capacity and market deployment. These competencies form a full value-chain ecosystem in R&D, production, supply and sales for both complete vehicles and critical components. Operated by a young and energetic team, the company has become a prominent player in China’s electric vehicle market.
JMEV will continue its deployment of EV and connectivity technologies and strive to build a full range of new vehicles to support the EVEASY Brand.