China Auto Trending Hashtag| Renault JMCG set JV/ Evergrande build charging network with State Grid

1. Renault and JMCG set JV

Renault has formed a joint venture partnership with Jiangling Motors Corporation Group (JMCG) to target the Chinese EV market, in a deal which will also see Renault take a 50% stake in the new venture.

Renault said it would increase its share capital by around 1 billion Chinese RMB, or roughly 128.5 million euros ($144 million), to acquire its 50% stake in the new venture.

This cooperation is in line with the strategic layout of JMCG and Renault Group and is an important part of the strategic layout of the two parties. Through this new project, Renault Group will further expand its influence in China's NEV market and promote the development of China's new energy industry. JMCG EV will also integrate resources through this cooperation, which is conducive to the rapid development of the company in the later period.

2. HOZON to enter into Taiwan in SKD form

Zhejiang HOZON New Energy Automobile Co., Ltd. has signed a strategic cooperation agreement with Taiwan Ching Jia Industrial Co., Ltd., and HOZON’s products will be produced and sold in Taiwan in SKD (SemiKnocked Down) form. At the same time, the two companies will establish a KD assembly plant in Taiwan and build a distribution and after-sales service system.

It is reported that the products involved in the framework agreement include but are not limited to NETA. In the future, products including HOZON U will also enter the Taiwan in SKD form. 

The NETA N01, the first mass-production car launched by HOZON Auto, has delivered more than 5,000 units, and its new SUV model, HOZON U, will also hit the market at the end of 2019.

3. State Grid, Evergrande team up to build electric-car charging network

State Grid Corp. of China announced Wednesday that it has set up a 50-50 joint venture with the technology arm of Evergrande Group, one of China's biggest real estate developers, in a move to create a network of EV charging stations to support the country’s drive towards cleaner transportation. The new company, Guoheng Smart Energy, has a registered capital of 180 million yuan ($26.2 million), according to the announcement.

The JV will focus on NEV services, such as community smart charging pile construction and operation, smart charging pile sales and community value-added services.

This cooperation also marks the further consolidation and upgrading of Evergrande's whole industrial chain of vehicle development, “three-electric” (refers to battery, motor and electric control) system, marketing channels and smart charging.

4. Enovate, SH Electric in partnership to build battery company

Shanghai Electric Group Battery Technology Co., Ltd., a joint venture between Shanghai Electric and Enovate Motors, has been formally established after completing the registration in the industrial and commercial bureau. 

With a registered capital of 135 million yuan, the company's main business is the R&D and production of related technologies for power battery systems.

In the JV, Shanghai Electric holds 55% of the shares while Enovate Motors holds 45%. The business scope of the JV includes automotive power battery system technology, power battery module technology, auto parts technology, technology development in the field of software technology, technology transfer, technical consultation, technical services, installation of power battery modules and the installation and maintenance of computer software, power battery system and accessories.