Renault, Geely sign framework agreement for new strategic cooperation in Brazil

Geely and Renault (RNLSY) jointly announced a framework agreement expanding their strategic cooperation in the production and sales of zero and low emission vehicles, through Renault do Brasil, further strengthening their strategic partnership. Geely would invest in Renault do Brazil to become a minority shareholder, enabling Geely Holding to gain access to localized production, sales and services resources. The venture remains subject to the entering of definitive agreements and prior approval of the relevant regulatory authorities. Through this cooperation, the two advanced production facilities of Renault Group’s Ayrton Senna Complex in Sao Jose dos Pinhais, Parana, would be made available for production of these all-new vehicles for both Geely Holding and Renault, in addition to the current Renault line-up.