Groupe Renault and Jiangling Motors Corporation Group (JMCG) announced the official establishment of their joint venture to further promote the development of the EV industry in China, following a first agreement on 20 December 2018. Groupe Renault will increase its share capital by RMB 1 billion (about €128.5 million) to become a major shareholder of JMEV with a 50% stake. JMEV has already completed business license registration.
This cooperation is part of the overall strategy of JMCG and Groupe Renault. Through this joint venture, Groupe Renault will be able to expand its influence in China’s electric vehicle market, while JMCG will be able to integrate and leverage more resources, which will promote its rapid growth in the future.
Set up in 2015, JMEV is a subsidiary of the JMCG. Once created, JMEV quickly obtained the certification to manufacture battery electric passenger vehicles and made rapid breakthroughs in building up its research capability, supply chain, production capacity and market deployment, forming a full value-chain operation ecosystem in R&D, production, supply and sales for complete vehicle and critical components.
JMEV will continuously complete its deployment in EV and connectivity technologies and strive to build a full range of new vehicles to support the EVEASY Brand.