Geely Automobile Takes Stake In Renault Korea For $200M: Reuters

by Shivani Kumaresan, Benzinga Staff Writer

May 10, 2022 7:26 AM | 1 min read | Make a Comment

China's Geely Automobile is set to acquire over a third of Renault SA RNLSY Korea unit for about $200 million, Reuters reported.
The move is expected to boost Renault's U.S. exports and make way for investment in its electric business.
Geely's stake deal follows an announcement by the two companies in January to develop hybrid vehicles for South Korea and abroad.
Renault's factory in Busan, South Korea, can assemble 300,000 vehicles a year.
The report noted Geely might initially use the Busan plant to make electric robotaxis for Waymo, Alphabet Inc's GOOG GOOGL self-driving unit.
Price Action: RNLSY shares closed lower by 2.78% at $4.69 on Monday.