Renault Group and Jiangling Group announced the formal establishment of a joint venture to further promote the two parties' strategic layout in the Chinese new energy car market.

Renault Group will invest additional CNY1 billion to formally become a shareholder of Jiangling Group's new energy car company and it will hold a 50% stake. So far, the new company has completed business registration. Prior to this, Renault Group and Jiangling Group announced a cooperation agreement on December 20, 2018.

It is said that the new cooperation is in line with the strategic layout of Renault Group and Jiangling Group. With the new project, Renault Group will further expand its influence in the Chinese new energy car market and promote the development of the Chinese new energy industry; meanwhile, Jiangling Group will be able to integrate resources to accelerate its company development.

Their joint venture will continue to implement in-depth distribution in the electric car technology and intelligent network sectors and launch a series of electric car products.