(Bloomberg) -- Renault SA and China’s Zhejiang Geely Holding Group Co. plan to jointly produce and sell electric and low-emissions vehicles in Brazil as the automakers deepen their partnership.
Geely will invest in Renault’s Brazilian unit and in return get access to its production, sales and services network in the country, the French company said Monday.
Both manufacturers are already working together on combustion-engine and hybrid powertrains via their Horse venture. The latest agreement gives Geely, which controls automakers including Volvo Car AB and Polestar Automotive Holding UK Plc, better access to South America’s biggest economy.
Renault’s Ayrton Senna complex in the state of Parana would be used to produce new vehicles for both automaking groups.
The venture remains subject to definitive agreements and approval of the relevant regulatory authorities. The companies didn’t disclose financial terms.
--With assistance from Albertina Torsoli and Linda Lew.
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