By Anthony Shevlin
Renault said Wednesday that it has formed an electric vehicles joint-venture in China with Jiangling Motors Corp. Ltd. (000550.SZ).
The French car maker said it will increase its share capital by 1 billion Chinese Yuan ($145.4 million) in order to take a 50% stake in the joint venture.
The two companies agreed to the deal in December.
"China is a key market for Groupe Renault. This partnership in electric vehicle business with JMCG will support our growth plan in China and our [electric-vehicle] capabilities," said Francois Provost, senior vice president, chairman of China region, for Renault.
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