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Renault's New China Strategy To Focus On LCV, EV; Stock Up

French automaker Renault SA (RNSDY.PK) announced Tuesday its new Strategy for China, under which the company will focus on light commercial vehicles or LCV and electric vehicles or EV.

Renault has entered into a preliminary agreement, under which the company will transfer its shares in Dongfeng Renault Automotive Company Ltd or DRAC to Dongfeng Motor Corp. DRAC will stop its Renault brand-related activities.

Renault will continue to provide high quality aftersales service for its 300,000 customers through Renault dealers but also through Alliance synergies.

Furthermore, Renault and Dongfeng will continue to cooperate with Nissan on new generation engines like components supply to DRAC and diesel license to Dongfeng Automobile Co., Ltd.

The company said its LCV business is operated through Renault Brilliance Jinbei Automotive Co., Ltd. or RBJAC. EV business will be developed through the two existing joint ventures, such as eGT New Energy Automotive Co., Ltd and Jiangxi Jiangling Group Electric Vehicle Co. Ltd.

The company expects the new China strategy to enhance its competitive advantages to sustain long-term presence in the Chinese market and maximize synergies with Nissan.

In Paris, Renault shares were trading at 19.08 euros, up 2.90 percent.

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