Groupe Renault will take a significant stake of JMEV, a Chinese pure EV player, today owned by JMCG.
December 20, 2018 - Groupe Renault and JMCG announce an agreement in EV on the fast-growing Chinese market, which represents today 50% of the worldwide EV market. Groupe Renault will take a significant part of JMEV, a subsidiary of JMCG and one of the main EV player in China. Groupe Renault will thus complete its offering, increase its presence in the country and further support JMEV development.
Since 2015 JMCG has successfully established the company JMEV in Nanchang (Jiangxi province). JMEV has produced and sold 38,000 electric cars in 2017. Thanks to its dynamic teams and the strong growth of new energy vehicles in the country, JMEV expects to sell 50,000 electric cars in 2018.
François Provost, Chairman of Asia Pacific Region, SVP, China Operations, Groupe Renault, said:
“JMEV, the future joint venture with JMCG is fully in line with Groupe Renault’s strategy, aimed at establishing a solid position in the growing and high-potential market of EV in China. JMEV is an important local actor. This project is also very complementary with Groupe Renault other activities in China.”
Wan Jianrong, General manager of JMCG, stated:
“Groupe Renault is a globally renowned automaker with leading electric vehicle business in Europe. JMEV’s cooperation with Groupe Renault therefore, will promote its future development that fits JMCG’s strategy.”
This agreement will be reviewed by the relevant authorities in China during first half 2019. JMCG and Groupe Renault expect to close the transaction in 2019. At closing, they intend to explain in more details their cooperation at an event in Nanchang.
Groupe Renault is leader in EV in Europe: 1 out of 4 EV on European roads is a Renault. It has a presence in China through 3 JVs.
About Groupe Renault
Groupe Renault, which has been making cars since 1898, is now an international corporation with a presence in 134 countries and sales of 3.76 million vehicles in 2017. Today, the company has over 180,000 employees, 36 manufacturing sites and 12,700 sales outlets worldwide. To meet the major technological challenges of the future while continuing to pursue its profitable growth strategy, the Renault group is focusing on international expansion. To this end, it is drawing on the synergies of its five brands (Renault, Dacia, Renault Samsung Motors, Alpine and LADA), electric vehicles, and its unique alliance with Nissan and Mitsubishi. With a Formula 1 racing team, Renault is leveraging motor sports to drive innovation and boost brand awareness.
JMCG is a well-known automaker in China. In 2017, JMCG sold 438,000 units of vehicles and accomplished an annual operating revenue for 80.6 billion renminbi. In 2018, it is ranked as 88th out of China TOP500 manufacturing enterprises, and 205th among China TOP500 enterprises. JMCG is engaged in the research and development, manufacturing and sales of both commercial and passenger vehicles as well as key auto parts, auto import and export, and auto financing, etc.. Facing the transformation of global auto industry, and seizing the opportunities therein to grow bigger and stronger, JMCG launched its new energy vehicle strategy in 2014, followed by the establishment of JMEV in 2015. Now its sales of new energy vehicles ranks among the largest in Chinese new energy vehicle industry.
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