Geely Automobile, a privately-owned automotive group, agreed to acquire 34% stake in Renault, a French multinational automobile manufacturer. Financial terms were not disclosed. This capital increase reflects strong confidence by Geely Holding Group and Renault Group in the South Korean market’s strong potential which will further enhance Renault Group’s “Renaulution plan”. Both companies are fully committed to Renault Korea Motors by introducing new product portfolio that will lead to greater market share in the South Korean domestic market whilst exploring export market opportunities.