On November 3, Geely Holding Group and Geely Automobile Holdings Ltd. (0175.HK) signed a final strategic cooperation agreement with Renault Group in Brazil. Under the deal, Geely will acquire a 26.4% stake in Renault do Brasil, while Renault remains the controlling shareholder. Both parties will use Renault’s Brazilian operations as a platform to co-develop and manufacture NEVs for the Latin American market.

Under the agreement, Geely will begin local production at Renault’s Ayrton Senna Industrial Complex in southern Brazil, with its EX5 electric SUV already available for sale via Renault’s dealer network. The partnership boosts Renault’s capacity utilization while allowing Geely to enter the Brazilian market rapidly. Renault, in turn, will benefit from Geely’s advanced NEV technologies, accelerating its regional electrification strategy across Latin America.