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Benzinga
Benzinga
Business
Shivani Kumaresan

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

Geely Renault Nasdaq RNLSY United States Alphabet Inc Busan Renault SA South Korea Waymo
  • 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.
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