[wheelguy]

Renault has been one of many leading global automotive companies that has been hit hard by the impact of the coronavirus, which has led to factory closures and a slump in demand.

PARIS: French carmaker Renault said on Tuesday it was selling out of its stake in a Chinese joint venture with Dongfeng Motor Corporation to Dongfeng, which Renault said would help it maximise synergies with Japanese partner Nissan.

Renault and Dongfeng said they would continue to cooperate with Nissan on new generation engines such as the supply of components to Dongfeng Renault Automotive Company (DRAC) and diesel licences to Dongfeng Automobile Co Ltd.

Renault and Dongfeng will also co-operate in the field of hi-tech 'intelligent connected' vehicles, while Dongfeng Renault Automotive Company (DRAC) will stop its Renault-branded activities.

"We are opening a new chapter in China. We will concentrate on electric vehicles and light commercial vehicles, the two main drivers for future clean mobility and more efficiently leverage our relationship with Nissan," said Francois Provost, chairman of the China region for Renault.

Source

[TusharK]

Renault will transfer its shares in Dongfeng Renault Automotive Corporation (DARC) to its joint venture partner Dongfeng Motor Corporation and exit the Chinese market.



The carmaker will also cease all brand-related activities, but will continue to provide after-sales service for its 3 lakh customers through Renault dealers.

Renault and Dongfeng will continue to work with Nissan on new generation engines including the supply of components to DARC and diesel license to Dongfeng Automobile Co. Ltd.

Renault's LCV business operated through Renault Brilliance Jinbei Automotive Co. Ltd. and the EV business - a joint venture between eGT New Energy Automotive Co., Ltd (eGT) and Jiangxi Jiangling Group Electric Vehicle Co. Ltd (JMEV) will continue to operate.

Link to Team-BHP News