Renault Korea "Eco-friendly New Car Launch in 2024... Targeting 60% Localization Rate for Parts"

[Asia Economy Reporter Yoo Hyun-seok] Renault Korea Motors announced on the 17th that it aims to increase the localization rate of parts for the eco-friendly new car scheduled for release in 2024 to a level equal to or higher than the current QM6, which is about 60%.

The eco-friendly new car currently being prepared by Renault Korea Motors is a hybrid joint model introduced for the Korean market in collaboration with the Renault Group and Geely Holding Group. It is based on the globally renowned CMA platform developed at Geely Group's Swedish research and development (R&D) center and the next-generation hybrid system. Renault Korea Motors' domestic research team plans to develop and present a new product equipped with industry-leading advanced features tailored to the expectations of Korean consumers.

The goal of achieving a parts localization rate of over 60% is the first disclosed detail related to the new car. Among the models currently produced at the Busan plant, the model with the highest application rate of domestically produced parts is the QM6, at about 60%.

Renault Korea Motors' partner companies have high confidence in developing parts for this CMA platform-based new car, based on their past experience in parts development for Nissan Rogue exports to North America and Renault Group's global new cars.

Na Gi-seong, chairman of Shinheung Machinery and the representative of the Renault Korea Motors Partner Companies Council, said, “Renault Korea Motors and its partners faced many crises after the end of Nissan Rogue exports in March 2020, but we were able to overcome the crisis by wishing for and achieving the success of XM3 exports to Europe together. If Renault Korea Motors and its partners pool their wisdom for the 2024 new car development, achieving this localization rate goal will not be difficult,” expressing confidence.