In another sign of how the electrification is shaking up the global auto business, France’s Renault Group and China’s Geely Holding Group have signed a memorandum of understanding to collaborate on sales of hybrid vehicles.
The cooperation, which would accelerate a “Renaulution Plan,” is focused on China and South Korea as initial core markets, Geely said in a statement today.
In China, the world’s largest auto market where new energy vehicles are the fast-growing segment, the two will introduce Renault-branded hybrid vehicles. In South Korea, where Renault Samsung Motors has over two decades of experience, Geely Holding and Renault Group will explore localization of vehicles based on Geely’s Lynk & Co. energy efficient vehicle platforms…