Shanghai (ZXZC)- Geely Automobile Holdings Limited (“Geely Auto” or “the Company”) on Jan. 21 signed a framework agreement with French automaker Groupe Renault to launch an all-new vehicle lineup for the South Korean market, according to Geely Auto's announcement.

The cooperative car lineup will initially focus on the development and sales of internal combustion engine (ICE) and hybrid vehicles in the rapid-growing auto markets like South Korea, said the Company.

Given the potential synergy from the collaboration with Renault and the huge potential of the South Korean market, the Company and its subsidiaries are actively exploring different options to involve in the transaction, Geely Auto stated.

Photo credit: Geely Auto

The latest move came after both parties inked a memorandum of understanding (MoU) on Aug. 9, 2021 to create a long-term strategic partnership that focus on China and South Korea markets initially.

Under the MoU, both parties would develop the vehicles based on Geely's compact modular architecture (CMA) for the South Korean market and planned to seek more profound potential partnerships.

The MoU also mentioned the cooperation for China, where the two parties would co-introduce Renault-branded hybrid vehicles based on Geely's technologies and industrial footprint, while the French carmaker was responsible for branding strategy and development of channels and services.