Geely Automobile Takes Stake In Renault Korea For $200M: Reuters

• China's Geely Automobile is set to acquire over a third of Renault SA (OTC:RNLSY) Korea unit for about $200 million, Reuters reported.
• The move is expected to boost Renault's U.S. exports and make way for investment in its electric business.
• Geely's stake deal follows an announcement by the two companies in January to develop hybrid vehicles for South Korea and abroad.
• Renault's factory in Busan, South Korea, can assemble 300,000 vehicles a year.
• The report noted Geely might initially use the Busan plant to make electric robotaxis for Waymo, Alphabet Inc's (NASDAQ:GOOG) (NASDAQ:GOOGL) self-driving unit.
• Price Action: RNLSY shares closed lower by 2.78% at $4.69 on Monday.