The Chinese Geely is gaining ground in the European car, even at Renault

The Chinese Geely is gaining ground in the European car, even at Renault

Renault under the control of a powerful Chinese corporation? This is a possible scenario, according to the plans being investigated by Reuters agency. The tricolor firm has already signed unequal deals in Asia with Geely, billionaire Li Shufu’s giant consortium. Better: Geely could return to Renault’s newly created combustion engine and transmission pole on an equal footing with the French, Reuters announced on Tuesday evening. On a day dedicated to investors, the Boulogne-Billancourt developer must specify the outlines of a division of its activities into two poles. The France-based electrical division would continue to be controlled by Renault with around 10,000 employees. This could go public in the second half of 2023. The second division, which brings together engine and transmission sites for petrol and hybrid vehicles in Spain, Portugal, Romania, Turkey and Latin America, would be shared between Renault (40%), Geely (40%) and an oil group, Reuters reports. “The final plan is not finalized and there are other avenues for partner builders,” but specifies one of the sources cited by the agency. “Discussions with potential partners are ongoing and nothing is final,” an inside source told us. Renault has indeed received several requests from potential partners for the future internal combustion engine unit. The Diamond Group is not making any official comment.

Geely to the rescue in Asia

Reference: www.challenges.fr

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