Renault and JMCG have announced an agreement in EV on the fast-growing Chinese market. Groupe Renault will take a significant part of JMEV, a subsidiary of JMCG and one of the main EV player in China. Since 2015 JMCG has successfully established the company JMEV in Nanchang. JMEV has produced and sold 38,000 electric cars in 2017. The company expects to sell 50,000 electric cars in 2018.
Francois 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."
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.
