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Groupe Renault to buy significant stake in China EV company JMEV

Groupe Renault said it will take a “significant part” of JMEV, a subsidiary of JMCG (Jiangling Motors Co., Group).

JMCG established JMEV. JMEV produced and sold 38,000 electric cars in 2017; the company expects its sales to top 50,000 electric cars in 2018.

JMEV, the future joint venture with JMCG is fully in line with Groupe Renault’s strategy, aimed at establishing a solid position in the growing and high-potential market of EV in China. JMEV is an important local actor. This project is also very complementary with Groupe Renault other activities in China.

—François Provost, Chairman of Asia Pacific Region, SVP, China Operations, Groupe Renault

This agreement will be reviewed by the relevant authorities in China during first half 2019. JMCG and Groupe Renault expect to close the transaction in 2019. At closing, they intend to explain in more details their cooperation at an event in Nanchang.

Groupe Renault is leader in EVs in Europe: 1 out of 4 EV on European roads is a Renault. It has a presence in China through 3 JVs.

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