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Renault Korea Motors and Chinese automaker Zhejiang Geely Holding Group Co., Ltd. are working together to develop a new eco-friendly sports utility vehicle. The companies shared that their joint project will introduce a mid-sized gasoline hybrid SUV in South Korea sometime in the second half of 2024.
Renault Korea Motors, the local unit of the French automobile company Group Renault S.A., confirmed its collaboration with Geely for the new SUV model. According to Yonhap News Agency, the collaborative SUV unit will be built on the compact modular architecture (CMA) platform that was created by Geely in tandem with Volvo Cars at the former's research and development (R&D) hub located in Sweden.
Geely Holding Group owns Volvo Cars, while Renault S.A. holds a 52.82% stake in its South Korean unit. In addition, Geely and Samsung Card Co. own 34.02% and 13.13% stakes, respectively, in Renault Korea, which makes three vehicle models, namely - the SM6 mid-size car sedan, the XM3 compact SUV, and QM6 SUV at its production plant with an annual capacity of 300,000 units.
"If the new model receives a strong response from the market, the company will be able to develop additional new models under the joint project of Geely and Renault Korea," Renault Korea's chief of manufacturing division, Lee Hae Jin, said in a statement during a press conference that was held at the company's production facility in Busan.
Meanwhile, in April, business insiders revealed that Renault Korea Motors suspended operations at its plant in Busan, effective in the first week of May. Business Korea reported that the reason for the suspension is to make way for the launching preparations of the SUV being built in cooperation with Geely.
Photo by: Geely Press Release
