Shanghai (ZXZC)- Groupe Renault and China's Jiangling Motors Co., Group (JMCG) announced an agreement on EV area on December 20. According to the agreement, the French automaker will hold a significant part of JMEV, a subsidiary of JMCG and one of major NEV players in the fast-growing Chinese market.

Under the cooperation, Groupe Renault will accordingly complete its offering to the subsidiary, strengthen its EV presence in China and further shore up JMEV's development. 

The agreement will be reviewed by relevant authorities in China during the first half of 2019. Both companies expect to complete the transaction next year and will then explain more details about their cooperation at an event in Nanchang. 

Founded in 2015 by JMCG, JMEV is granted with certificates to manufacture and sell NEVs in China by both China's Ministry of Industry and Information Technology and National Development and Reform Commission. Targeting the so-called third- and fourth- tier cities in China, the EV maker has already launched such models as E100, E200N, E200S, E160 and E400 into market with its sales keeping climbing in recent years.

According to a Chinese media outlet, JMEV plans to build three vehicle platforms over the next five years and develop ten all-new models. It is ambitious to form a complete product lineup that covers such segments as A00-segemnt to A-segment sedan, all-electric SUV and MPV, with an investment up to RMB5 billion to be involved.