France/China – Groupe Renault and Brilliance China Automotive Holdings Limited have agreed a deal forming a new joint venture in light commercial vehicles tailored to the Chinese market. The JV will manufacture LCVs under the Jinbei, Renault and Huasong brands with the aim to achieve annual sales 150,000 LCVs by 2022 as well accelerating of electrifying powertrains.
The new JV will be operate as Renault-Brilliance-Jinbei Automotive with Thierry Aubry installed as CEO. His background includes retail, manufacturing and distribution experience in China and France. Manufacturing will be located in the Dadong District of Shenyang, producing three key segments, MPVs, medium vans and heavy vans for a Chinese LCV market that Renault says is reaching upwards of 3 million units annually.
The parties signed a framework cooperation agreement in July 2017. Groupe Renault is acquiring a 49% equity interest in Shenyang Brilliance Jinbei Automobile. (SBJ). SBJ is being restructured into a JV owned 51% by Brilliance China and 49% by Groupe Renault.
Carlos Ghosn, Chairman and CEO of Groupe Renault said: “Groupe Renault has been investing and expanding in China for four years now with joint ventures focused on passenger cars, commercial vehicles and electric vehicles. The Renault-Nissan-Mitsubishi Alliance gives us access to a wide array of technologies, with more than 50 billion euros in R&D investment over the next six years, part of which will enable Renault-Brilliance-Jinbei Automotive Company to develop products tailored to the Chinese market. We see China not only as the biggest car market worldwide, but also as a trend setter for the industry.”
