May 11, 2022 05:38 AM

BUSINESS

Geely Takes One-Third Stake in Renault’s Korean JV

By An Limin and Denise Jia

What’s new: Chinese auto giant Geely Automobile Holdings agreed to buy a 34% stake in French automaker Renault’s Korean joint venture, becoming the company’s second-largest shareholder.

Geely is paying about 1.38 billion yuan ($207 million) for the stake in Renault Korea Motors, the company said Tuesday in a filing. After the deal, Renault will hold 52.82% of the venture, and Samsung Group’s credit card unit will hold 13.13%.

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