French automaker Renault SA announced on Wednesday that it intends to acquire a 50% stake in electric vehicle maker JMEV, owned by China's Jiangling Motors Corporation Group (JMCG). This will form a joint venture that will allow Renault to expand its presence in the world's largest automotive market. The cost of the JMEV stake acquired by the French company is $145 million.
JMEV currently makes affordable electric sedans and sport utility vehicles. According to data published on the JMEV website, the company's production capacity is 150 vehicles per year.
The JMCG group is based in Nanchang, located in the south of China. It also owns a 50% stake in Jiangling Holdings, which is the largest shareholder of Jiangling Motors (JMC), one of Ford's joint ventures in China.
Source: 3dnews.ru