"Renault and Geely Agree to Produce Eco-Friendly Vehicles in Busan in 2024"

[Image source=Yonhap News]

French automaker Renault and Chinese automaker Geely have officially agreed to jointly develop eco-friendly new vehicles and produce them at the Renault Samsung Busan plant starting in 2024, major foreign media reported on the 21st.

Geely and Renault issued a joint statement on the same day, saying, "This collaboration has taken a step further in the efforts of both companies to produce low-emission (greenhouse gas) vehicles and strengthen their entry into the Asian hybrid electric vehicle (HEV) market."

The two companies plan to produce the jointly developed hybrid vehicles and internal combustion engine vehicles to sell in the Korean market and export to other regions as well.