The board of directors of Geely Automobile Holdings Limited announced that, on 8 November 2022 (non trading hours), Zhejiang Geely Holding Group Company Limited, Renault s.a.s. and the Company entered into a framework agreement, pursuant to which the Parties proposed to set up a joint venture company for the purpose of integrating each Party's respective expertise and strengths in relation to internal combustion engine, hybrids and plug-in hybrids powertrains and transmissions activities and related technologies. Pursuant to the Framework Agreement, Geely Holding and the Company on the one hand and Renault on the other hand, will each tentatively be interested in 50%, in the Proposed JV Company. Detailed terms in relation to the formation of the Proposed JV Company, including but not limited to the aforementioned ownership structure, consideration, corporate governance and number of investor(s) are still subject to negotiation and finalization and as of the date of this announcement, no binding definitive agreement has been entered into among the Parties and/or potential investor(s).

The Company will make further announcements in relation to the aforementioned if and when required. From the date of the Framework Agreement until, whichever the earlier, (i) the date of commencement of operation of the Proposed JV Company, or (ii) 30 April 2023 (being the longstop date of the Framework Agreement), the Parties shall have the exclusive right to the Proposed JV Project. The Parties shall not implement any transaction that is similar to, or to prevent, delay, or otherwise impair the completion of the Proposed JV Project.

However, subject to the consent of the other Parties, any Party may propose additional investors to the Proposed JV Project. Lazard worked as an advisor for Renault in this transaction.