A partnership agreement was concluded between the Chinese company Geely and the French Renault Group last summer. Now both organizations have announced their joint strategy to manufacture thermal and hybrid vehicles in South Korea and then move on to export. The statement said that the French brand's partnership with Geely in Korea will lead to increased sales across China and Asia.
It is reported that the joint production of the new vehicles is expected to start in 2024 at the factory in Pusan, Korea. The vehicles to be produced will sit on the compact modular platform completed by Geely's subsidiary Volvo, and the technologies of the Chinese group will be applied for the engine.
Both groups of cars sözcüHe emphasized that the vehicles to be produced will be low-emission and that electric-hybrid vehicles will expand their presence in Asian markets. However, neither group shared any numerical data on their targets.
On the other hand, it is thought that this initiative will create a new brand for hybrid vehicles in China. It will also pave the way for Geely to gain indirect access to the American market, the world's second automobile market, by taking advantage of the free trade agreement between South Korea and the United States.
Source: China International Radio