Renault to take stake in Chinese pure EV maker

Groupe Renault and Chinese EV maker JMCG have announced an agreement whereby Renault will take a significant part of JMEV, a subsidiary of JMCG and one of the main EV players in China.

JMEV has produced and sold 38,000 electric cars in 2017 and predicts that it will 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.”

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