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RENAULT

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Real-time Euronext Paris  -  05/27 11:35:20 am EDT
25.19 EUR   -0.49%
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Renault, Geely in Tieup to Make New Vehicles in South Korea

01/21/2022 | 05:35am EDT

By Ben Otto

France's Renault Group and China's Zhejiang Geely Holding Group have signed a deal to launch a new vehicles lineup in South Korea, the companies said Friday.

The automotive companies plan to design and manufacture hybrid and internal-combustion-engine models both for the South Korean market and for export sales, they said in a joint statement. The new vehicles will be produced at a Renault-Samsung facility in Busan, with production planned to begin in 2024, they said.

The new vehicles will utilize compact modular architecture developed by Geely in Sweden, with Renault Group and Renault Samsung Motors contributing knowledge in design and customer service, they added.

Zhejiang Geely is China's largest privately owned automotive group.

Separately, Geely Automobile Holdings Ltd., which counts Zhejiang Geely as a substantial shareholder, said it is actively exploring options for being involved in the deal.


Write to Ben Otto at ben.otto@wsj.com


(END) Dow Jones Newswires

01-21-22 0535ET

Stocks mentioned in the article
ChangeLast1st jan.
GEELY AUTOMOBILE HOLDINGS LIMITED 0.69% 14.6 Delayed Quote.-31.46%
RENAULT -0.49% 25.185 Real-time Quote.-17.55%
SAMSUNG ELECTRONICS CO., LTD. 0.91% 66500 End-of-day quote.-15.07%
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Financials
Sales 2022 46 452 M 49 766 M 49 766 M
Net income 2022 -636 M -682 M -682 M
Net Debt 2022 849 M 909 M 909 M
P/E ratio 2022 -10,2x
Yield 2022 1,63%
Capitalization 6 844 M 7 333 M 7 333 M
EV / Sales 2022 0,17x
EV / Sales 2023 0,12x
Nbr of Employees 160 000
Free-Float 53,7%
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Mean consensus OUTPERFORM
Number of Analysts 21
Last Close Price 25,19 €
Average target price 35,70 €
Spread / Average Target 41,8%
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Managers and Directors
Luca de Meo Chief Executive Officer
Thierry Pieton Chief Financial Officer & Senior Vice President
Jean-Dominique Senard Chairman
Luc Julia Chief Scientific Officer
Frédéric Vincent Chief Information Officer
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