Renault, Minth Form JV to Boost French EV Market with Battery Casing Plant
Renault Group and Minth Group have taken a significant step towards bolstering the electric vehicle (EV) market in France. The two companies have signed a memorandum of understanding to establish a joint venture for producing battery casings in the country, aiming to support the growth of the stock market today and the development of Renault ElectriCity's industrial cluster. The joint venture, set to be based at the Ruitz plant in Renault ElectriCity, will supply other Renault plants in Douai and Maubeuge. This strategic move is expected to support the growth of the stock market today and the development of Renault ElectriCity's industrial cluster. In June 2022, Qin Zongren, then Chairman & CEO of Minth Group, signed an agreement with Renault Group to establish this joint venture. Dr Jimmy Wong, Managing Director of Minth Europe, has expressed gratitude for Renault's support and sees the partnership as beneficial for both companies and the local economy. The joint venture will install two new production lines in Ruitz in 2023, with a capacity of 300,000 battery casings per year by 2025. These casings are strategic components for EVs, contributing to their durability and safety. Renault Group's EVP Industry, Jose-Vicente de los Mozos, views this partnership as positioning Renault as a leading player in the entire electric vehicle value chain. The finalization of the joint venture is subject to usual conditions, including approval by employee representative bodies and competition authorities, and is expected by early 2023. Once operational, the joint venture will play a crucial role in Renault's EV production, further cementing France's position in the global EV market.
Read also:
- HLC Approves ₹4,645.60 Crore for Flood Recovery and Wetland Rejuvenation in Nine States
- Crooked House Pub's Demolition: Council Orders Rebuild, Debate on Historic Building Protections
- Shaping India's Economic Progression: Readying the Financial System for Tomorrow
- Tesla Expands Supercharger Network in Canada by Over 630 Stalls by 2025
