Renault official announcement: stop selling fuel vehicles in China and shift the focus to Electric vehicles and other areas

SMM: April 14, Renault Group announced a new strategy in the Chinese market. It is understood that in the future, Renault will focus on light commercial vehicles and electric vehicles in China, and will constitute the two pillars of its business in China in the future. As for the traditional fuel vehicle business, Renault Group has reached a preliminary agreement with Dongfeng Motor Group Co., Ltd., the transfer of Renault Group shares in Dongfeng Renault Motor Co., Ltd., to Dongfeng Motor Group Co., Ltd.

The specific business arrangements are as follows:

1. Renault will focus on light commercial vehicles and electric vehicles in China.

2. Renault Group will transfer its shares in Dongfeng Renault Motor Co., Ltd to Dongfeng Motor Group Co., Ltd. Dongfeng Renault Automobile Co., Ltd. will stop carrying out business activities related to the Renault brand;

3. The light commercial vehicle business will be carried out through brilliance Renault Gold Cup Automobile Co., Ltd., making full use of Golden Cup brand equity and Renault advanced technology;

4. The electric vehicle business will be carried out through two other joint ventures, Yi Jet New Energy vehicle Co., Ltd. And Jiangling Group New Energy vehicle Co., Ltd.

Upon completion of the restructuring, Renault will continue to provide high-quality after-sales service to 300000 customers through the collaboration of Renault dealers and the Alliance.

According to the announcement issued by Dongfeng Automobile, due to the decline of the domestic automobile market and the operating conditions of Dongfeng Renault, shareholders plan to restructure Dongfeng Renault. Through consultation between Dongfeng Motor Group and Renault, a memorandum without restrictions was signed and a preliminary intention was reached. Renault intends to transfer 50% of its stake in Dongfeng Renault to Dongfeng Motor Group, and Dongfeng Renault will stop its Renault brand related business activities.

Dongfeng Motor Group said that in view of Dongfeng Renault's limited financial contribution to the Group, the company does not believe that the restructuring will have a significant impact on the Group's business operations or financial position.

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