Renault will partner with Geely to sell hybrid cars in China, marking the French group’s first big deal in the world’s second-biggest economy since it exited its main joint venture last year.
Geely, the Chinese owner of Sweden’s Volvo Cars, and Renault said on Monday they would share resources and technology to sell hybrid vehicles in Asia in an effort by the latter to tap into China’s rapidly growing electric car market.
Renault pulled out of a lossmaking petrol car joint venture with China’s Dongfeng Motor Group in April 2020 after the coronavirus pandemic deepened two years of declining sales. The withdrawal was a rare example of an international automaker reducing its presence in the world’s largest car market.
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