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 firstname.lastname@example.org
(END) Dow Jones Newswires