Shanghai (Gasgoo)-On Dec. 15, Renault-Brilliance-Jinbei Automotive Co., Ltd., Groupe Renault and Brilliance China Automotive Holdings Limited (Brilliance China)'s new JV opened in Shenyang, capital of Liaoning Province. Carlos Ghosn, Chairman and CEO of Groupe Renault and Qi Yumin, Chairman of Brilliance Automotive Group Holdings Company Limited made their presence in the new JV's inauguration ceremony.
In accordance with the two parties' agreement, Brilliance and Groupe Renault will add investment in Renault-Brilliance-Jinbei Automotive Co., Ltd. to RMB 1.5 billion (about $227 million). According to official information, Brilliance China and Groupe Renault own 51% and 49% shares respectively of the new JV, which will manufacture and sell light commercial vehicles (LCV).
Carlos Ghosn stated that Renault-Brilliance-Jinbei Automotive will introduce 15 new models by 2022, helping the JV to realize annual target sales of 150,000 vehicles in 2022.
The cooperation will help the two parties jointly explore the potential of Chinese LCV market, promote the local production of Renault's LCV models, and develop new model products under Jinbei brand with a wide array of technologies form Renault. Groupe Renault now owns three LCV models, Kangoo, Trafic and Master. With the establishment of Renault-Brilliance-Jinbei Automotive, the Renault Master is expected to be introduced in China in 2020. Moreover, they also give the top priority to the introduction of electric vehicles and technologies.
It is also revealed that four vehicle models, Haise, Grace, Huasong and F50 under Brilliance Jinbei brand were remained and will operate and sell in the new JV in the future. New models under Renault brand are expected to hit the market in 2020.
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