December 7, 2022

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Geely Automobile Holdings to acquire 34.02%

Geely Auto Holdings to get 34.02% of the shares of Renault Korea Motors

  • Geely Vehicle Holdings (Geely Vehicle, inventory code on SEHK: 0175) and Renault Group have achieved an arrangement into which Geely Automobile will subscribe for 34.02% of the shares in Renault Korea Motors (RKM) as a result of a money increase mechanism. The deal will be topic to the approvals by relevant authorities.
  • This will greatly enhance the collaboration amongst Renault Group and Geely Vehicle in potential projects close to the launch of an all-new car lineup for the South-Korean industry as declared in January 21, 2022.

10th Might 2022, Hong Kong, China and Boulogne-Billancourt, France – Renault Team and Geely Automobile, China’s premier privately-owned automotive team, have entered into a share subscription agreement and a joint venture arrangement subsequent to a framework arrangement signed in January 2022 among Renault Group and Geely Holding Group. On completion, Geely Auto Holdings (0175.hk) through its subsidiary, Centurion Industries Restricted, will keep 34.02% of the complete issued share cash of Renault Korea Motors (RKM). Renault Group continues to be the the vast majority shareholder in RKM and will carry on to thoroughly consolidate the entity.

In January 2022, Geely Vehicle mother or father company, Geely Keeping Team and Renault Group jointly introduced a new collaboration committed to bringing an all-new motor vehicle lineup of gasoline-productive Hybrid Electrical Cars (HEV) and Interior Combustion Motor (ICE) versions to the South Korean market place as perfectly as discovering overseas income. The new cars will be developed at the existing Renault Korea Motors facility in Busan, South Korea, with quantity output forecast to get started in 2024.

The new products will utilize Geely Keeping Group’s entire world-course Compact Modular Architecture (CMA), produced by Geely Holding Group’s R&D heart in Sweden, as nicely as using advantage of the Geely Keeping Group’s advanced hybrid powertrain technologies. Renault and RKM will add their reducing-edge technologies, knowledge in layout and purchaser knowledge, to exceed the area market expectations.

The new solution vary will be marketed via the present RKM product sales and aftersales community. RKM aftersales have been ranked the very first for 6 consecutive decades until finally 2021 in the domestic automotive consumer survey of Purchaser Insight.

This cash increase demonstrates solid assurance by Geely Keeping Group and Renault Team in the South Korean market’s powerful likely which will further more enrich Renault Group’s “Renaulution plan”. Both of those corporations are fully dedicated to Renault Korea Motors by introducing new products portfolio that will guide to larger sector share in the South Korean domestic current market although exploring export sector opportunities.

About Zhejiang Geely Keeping Team

Zhejiang Geely Holding Group (Geely Holding) is a world wide automotive team that owns quite a few effectively-recognised global automotive models, with functions spanning the automotive price chain, from analysis, improvement and style to creation, gross sales and servicing.

Started in 1986 by Eric Li, the company’s Chairman, in the town of Taizhou in China’s Zhejiang province, Geely Holding released its automotive small business in 1997 and is now headquartered in Hangzhou, China. Right now, Geely Keeping operates a amount of makes together with Geely Vehicle, Lynk & Co, ZEEKR, Geometry, Volvo Cars and trucks, Polestar, Lotus, London Electrical Motor vehicle Organization, Farizon Auto, and Cao Cao Mobility.

Geely Keeping bought above 2.2 million automobiles in 2021, with Volvo Automobiles revenue reaching 698,693 units globally and Geely Auto Group’s Hong Kong detailed entity reporting profits achieving 1,328,029 units.

Geely Keeping employs in excess of 120,000 individuals globally and has been detailed in the Fortune World wide 500 for the past 10 decades.

For far more information pertaining to Zhejiang Geely Keeping Team please refer to the official web page at www.zgh.com

About Geely Car Holdings

Geely Auto Holdings Restricted (the “Company” and its subsidiaries, collectively the “Group”) (SEHK inventory code: 175) is an automobile maker, focusing on growth, producing and profits of passenger autos.

Its products and solutions are exported to Southeast Asia, Europe, Latin The united states and other nations around the world. The firm has 11 production bases in mainland China, with far more than 40,000 employees.

Geely Auto Holdings Confined introduced on the Hong Kong Stock Exchange in 2005 and officially entered the Hang Seng Index in 2017. The managing shareholder of the Corporation is Zhejiang Geely Holding Group.

About Renault Group

Renault Group is at the forefront of a mobility that is reinventing alone. Strengthened by its alliance with Nissan and Mitsubishi Motors, and its special abilities in electrification, Renault Team includes 5 complementary models – Renault, Dacia, LADA, Alpine and Mobilize – featuring sustainable and impressive mobility solutions to its prospects. Founded in a lot more than 130 nations, the Team has marketed 2.7 million cars in 2021. It employs almost 160,000 people who embody its Reason each and every day, so that mobility provides people nearer. Prepared to go after troubles both equally on the street and in levels of competition, Renault Team is committed to an ambitious transformation that will produce value. This is centred on the enhancement of new systems and services, and a new selection of even more aggressive, well balanced and electrified autos. In line with environmental troubles, the Group’s ambition is to achieve carbon neutrality in Europe by 2040. https://www.renaultgroup.com/en/

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