Renault is working hard to cope with the long-term downturn without new product launches and plans to invest more than 700 billion won by 2027 to transform its automobile factory in Busan, South Korea’s largest port city, into new energy vehicle manufacturing center.
Korean car companies signed a memorandum of understanding this week with the city government of Busan, South Korea’s second largest city, to renovate existing factories in Busan, South Korea, and build a future mobility center. The company is also considering producing new electric models at the plant.
The CEO of Renault Automobile Korea said that as part of the first phase of the project, the French automaker will invest 700 billion won (Note: currently about 3.78 billion RMB) to build hybrid vehicle research and development in the city centers and manufacturing facilities.
Renault Korea is trying to use the project to break out of a slump in which it has not launched a new model since the launch of the XM3 in 2020.
