PARIS, Nov 3: French carmaker Renault has signed a deal with Zhejiang Geely Holding Group to sell a 26.4 per cent stake in its Brazilian subsidiary, the firm announced on Monday.
As a minority shareholder, Geely will have access to Renault do Brasil’s industrial and commercial resources, allowing it to accelerate its expansion in the region’s automotive market.
Renault do Brasil will make Geely Auto-branded vehicles alongside Renault vehicles at the Ayrton Senna plant in São José dos Pinhais, Paraná.
Renault will utilise Geely’s Global Intelligent New Energy Architecture (GEA) to extend its line-up with zero-and-low-emission vehicles for the Brazilian market.
Renault do Brasil will also distribute Geely Auto’s portfolio of zero-and low-emission vehicles in Brazil.
— BERNAMA-dpa