- Geely Holding will invest in Renault Brazil as a minority shareholder, gaining access to localized production, sales and service resources in Brazil.
- Renault's two production facilities in Brazil will be used to produce these new models for Geely Holding and Renault.
Geely Holding Group will utilize French carmaker Renault's facilities in Brazil to produce and sell zero- and low-emission vehicles to accelerate its expansion in international markets.
The two companies have reached an agreement in which Renault do Brasil welcomed Geely Holding as a new partner, according to a statement from the French carmaker overnight.
Geely Holding will invest in Renault do Brasil as a minority shareholder, gaining access to localized production, sales and service resources in Brazil.
Two production facilities at Renault Group's Ayrton Senna Complex in São José dos Pinhais, Paraná, will be used to produce these new models for Geely Holding and Renault, in addition to the current Renault line-up.
On the sales side, Renault do Brasil will be the distributor for Geely Holding's portfolio of zero- and low-emission vehicles in Brazil.
Through this new partnership, Renault Group and Geely Holding will be able to further empower the global expansion of their respective brands and become significant players in the Brazilian market, which accounts for 44 percent of Latin American vehicle sales, according to the statement.
"Renault Group and Geely have already gone a pretty long way together: we successfully launched a joint venture in Korea and, with Horse, we have designed a world leader in powertrain technology," said Luca de Meo, CEO Renault Group.
"Together, we have built trust and an effective working relationship. These are great assets that we want to leverage today with this new cooperation in Brazil," de Meo said.
Geely's local counterpart BYD (HKG: 1211, OTCMKTS: BYDDY) has already launched more than 10 new energy vehicle (NEV) models in Brazil and is building an industrial complex there.
BYD launched the Yuan Pro -- known in China as the Yuan Up -- in Brazil in September 2024, the 11th model it has offered in the South American country.
On July 4, 2023, BYD and the government of the state of Bahia announced that the NEV maker would set up a large manufacturing site complex consisting of three plants in Brazil.
The industrial complex includes a production plant that focuses on electric bus and truck chassis, a new energy passenger car production plant, and a processing plant specializing in lithium iron phosphate (LFP) battery materials.
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