Renault Group and Geely Holding Group, China’s largest privately-owned automotive group, announced an MoU framework agreement to create a cooperation focused on China and South Korea as initial key core markets. The cooperation will allow Renault Group and Geely Holding to share resources and technologies. The focus will be on hybrid vehicles in the fast-growing Asian markets.

Following the adoption by Geely Holding’s open-source strategy for its full vehicle architectures, Geely Holding will partner with Renault Group in the Chinese and Korean markets.

In China, based on Geely Holding’s existing technologies and mature industrial footprint, both partners will jointly introduce Renault-branded hybrid vehicles. Renault will contribute on branding strategy, channel and service development, defining appropriate customer journey.

In South Korea, where Renault Samsung Motors has more than two decades of experience, the MoU allows Renault Group and Geely Holding jointly to explore localization of vehicles based on Lynk & Co’s energy-efficient vehicle platforms for local markets.