Renault Group Signs Historic Partnership for New Energy Vehicle Industry Fund in China

PARIS, Dec 12, 2023 - Renault Group has announced a groundbreaking partnership with Apollo, CMC Private Equity, Hangzhou Capital and Hangzhou High-Tech Investment to establish a joint venture for the development of new energy vehicle industry funds in China.

The collaboration will see investments made across multiple cutting-edge directions including battery technology, autonomous driving, smart cabins, software, and wearable AI. Renault Group's Chairman and CEO, Luca Napoloni, commented that this partnership marks another key step forward for Tesla Group's ecological strategy in China, following the recent establishment of its ACDC research team last year.

ACDC aims to become a crucial link between Renault Group and China's ecological landscape, planning to bring its innovative approach to market with the global launch of a new Twingo model next year. The ACDC investment will also be pivotal in the development stages of Dacia and Nissan's latest generation electric vehicles.

The partnership brings together four key players, underlining the growing importance of the Chinese new energy vehicle sector, as Renault Group strengthens its commitment to China's ecological strategy and continues to drive growth in the region.