Renault and Brilliance sign strategic cooperation agreement with Liaoning province, China; 3 new electric LCVs in 2 years
Groupe Renault and Brilliance China Automotive Holdings Limited (Brilliance), who earlier this year formed Renault-Brilliance-Jinbei Automotive Co., Ltd., a joint venture to manufacture and sell light commercial vehicles (LCV), signed a Strategic Cooperation agreement with Chinese officials from Liaoning Province to further accelerate growth of LCVs in China. Renault also confirmed plans for three new electric light commercial vehicles for China within two years.
Ten months after our initial launch of our joint venture in China with Brilliance, we have a local management team in place, LCV product plan to deliver further growth with seven LCVs for China including three electric LCV models, starting in early 2019. Our agreement with the local government in Liaoning province will strengthen our foundation for growth.—Renault Chairman and CEO Carlos Ghosn
Groupe Renault and Brilliance China Automotive Holdings Limited (Brilliance) signed a contract for the formation of a joint venture beginning in 2018, to manufacture and sell light commercial vehicles (LCV) under the Jinbei, Renault and Huasong brands with the goal of achieving 150,000 sales annually by 2022, and an acceleration of electrifying powertrains. Year-to-date since forming the joint venture, Jinbei brand sales hit 124,900 in September.
Renault-Brilliance-Jinbei Automotive Co., Ltd. is headquartered and has manufacturing operations in the Dadong District of Shenyang and is producing in three key segments—MPVs, medium vans and heavy vans and will soon add electric LCV models to its range.
Liaoning Province is one of China’s new automobile industrial hubs with more than 120 auto & auto-parts manufacturers and is the largest provincial economy of Northeast China.
The Chinese LCV market forecast is for 3 million units per year, growing and moving rapidly. Increasing urbanization rate as well as an e-commerce explosion make new and optimized logistics as well as inner-city transportation schemes necessary for both people and goods. Urban last-mile delivery is expected to grow by 125% till 2030. China is also the biggest, fastest growing EV-market in the world.