The Renault Group's all-new Dacia Spring, manufactured by eGT. [Photo provided to chinadaily.com.cn]
This year marks the 60th anniversary of diplomatic relations between China and France, and the friendly ties between the two countries have entered a new historical stage. As a leading figure in the European automotive industry, French automaker Renault Group plays a pivotal role in promoting cooperation between China and France in the new energy vehicle industry. In recent years, the group has collaborated closely with Chinese new energy vehicle companies, jointly opening a new chapter of mutual benefit and win-win cooperation.
In 2021, Renault signed a framework agreement with Geely to establish a new powertrain company, "HORSE", with each holding a 50 percent stake. The company is committed to becoming a leader in the next-generation of efficient and energy-saving hybrid powertrain systems. It focuses on the global development, manufacturing and supply of advanced hybrid and efficient fuel powertrains for the global market.
In the same year, Renault reached a strategic cooperation with Envision AESC, which will provide Renault with leading, more cost-competitive and safe green power battery products, supporting Renault's electrification, artificial intelligence, and low-carbon strategies.
Luca de Meo, CEO, Renault Group & Ampere. [Photo provided to chinadaily.com.cn]
In addition, Renault, Dongfeng and Nissan jointly established a new energy vehicle company, eGT, in China. As an important electric vehicle production base for Renault in China, its annual output is nearly 100,000 vehicles and the pure electric model, Dacia Spring, is the best-selling economic electric vehicle in the European market and the second-largest export model in China.
As the automotive energy structure undergoes revolutionary changes, China, with its first-mover advantage, cost advantage, and engineering talents, has taken the lead in the world. Renault Group CEO Luca de Meo has called for "building partnerships with Chinese companies and learning from China, which leads the new energy vehicle industry by a generation, in his article "Letter to Europe".
Renault China CEO Weiming Soh also said that "China has already taken the lead in research and development in raw materials and batteries by four to five years in the global competition." Renault Group has been promoting a new concept of partnerships in China, focusing on supply chain innovation and business model transformation, leveraging the respective strengths of Renault and Chinese companies to expand the Chinese and global markets.
Weiming Soh, chairman & CEO, Renault China. [Photo provided to chinadaily.com.cn]
In January 2021, Renault Group launched the "Renaulution" plan, aiming to shift the strategic focus of the group from pursuing sales volume to placing greater emphasis on value creation, moving toward a next-generation automotive company. In the advancement of this strategy, new energy vehicles are top priority for the group.
After years of exploration and development, China has established a complete and highly competitive new energy vehicle industry chain, which has become the best partner for the Renault Group to focus on new energy vehicles. Since 2021, the group has agreed strategic cooperation with Chinese companies, achieving fruitful results in various fields of the new energy vehicle industry chain, including power systems, batteries, and design manufacturing. The group recently released its first quarter financial report for 2024, with global vehicle sales reaching 549,000 units and revenue hitting 11.7 billion euros ($12.6 billion), demonstrating the effectiveness of the "Renaulution" strategy.
The Renault Group announced its financial results for the first quarter of 2024: with a revenue of 11.707 billion euros, there was a year-on-year increase of 1.8% [Photo provided to chinadaily.com.cn]
On the 60th anniversary of the establishment of diplomatic relations between China and France, Renault Group has accelerated the implementation of its strategy, creating a new paradigm of win-win cooperation in the Sino-French new energy vehicle industry ecosystem. This has helped Renault maintain its leading position in the global automotive market, while bringing more inspiration for Chinese companies to expand into broader global markets.
Looking to the future, the "win-win path" represented by the group will continue to drive the "ecological cooperation" of the Sino-French new energy vehicle industry toward a new journey.
