By Greg Gao
(JW Insights) Nov 1 -- Chinese major investment bank China International Capital Corporation Limited (CICC) and French auto giant Renault Group have reached preliminary agreements to jointly establish an investment fund in China with a focus on the new energy vehicle industry chain, reported Chinese finance media outlet Cailianshe recently, citing sources familiar with the matter.
Last week, Luca de Meo, the CEO of Renault Group, led a delegation of Renault Group management members on a week-long visit to China.
During this visit, members of the Renault Group management team met with partners such as Chinese automaker Dongfeng Motor Group, Geely Holding Group, and CITIC, accompanied by Su Weiming, Chairman and CEO of Renault China. They discussed key topics such as "participation in China's new energy industry ecosystem" and "empowering the global industrial chain," exploring possibilities for deepening cooperation in the future.
In July of this year, Renault signed a joint venture agreement with China’s leading auto manufacturer Geely to create a global leader in powertrain technology. The eGT New Energy Automotive(易捷特新能源汽车), formed by Dongfeng Auto, Renault, and Nissan, is one of Renault's electric vehicle production bases in China, with an annual production capacity of nearly 100,000 vehicles. The company's pure electric vehicle model, Dacia Spring, is the second-largest export model in China, according to media reports.
