Dacia could end up in the hands of Geely’s Chinese. Mioveni union leader: “Right now they are negotiating”

Dacia ar putea ajunge pe mâna chinezilor de la Geely. Șeful sindicatului de la Mioveni: „Chiar acum se negociază”

This could lead the Chinese indirectly to Dacia, as the manufacturer Mioveni is included in Renault’s internal combustion engine division.

  • Controlling share means holding at least 51% of the voting rights in the general meeting of shareholders.

Separation for development

The French group wants to separate the thermal engines division from the electric cars division and has different plans for each.

In the classic engines division, Renault wants to involve new shareholders to jointly support development costs.

Luca de Meo, Renault’s chief executive, was questioned on Tuesday about talks held with the Chinese group Geely, during a visit to South Korea.

“This is the kind of sector or industry where you need to scale to have synergies and reduce costs for users. It is a project that exists to design our internal combustion cars in the future. We need a partner to do it and we are doing it, ”De Meo said in Seoul.

The Korean precedent

The Geely group is already a partner of Renault in its South Korean subsidiary, after the French sold a 34% stake in the subsidiary to Geely in May.

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The Korean unit announced it will invest $ 873 million in electric model development over the next six years.

Who is Geely?

Geely already owns the Swedish manufacturer Volvo and a number of smaller manufacturers in Europe, namely Lotus and Polestar.

It also owns 9.7% of the German carmaker Mercedes.

Founded by billionaire Li Shufu, Geely is the seventh-largest Chinese automaker by sales and is known for its collaborations with foreign brands.

According to the Fortune 500, Geely posted total revenue of $ 55.8 billion and net income of $ 1.47 billion last fiscal year.

The group has 129,000 employees.

Union: “We can’t speculate right now”

Viorel Ungureanu, head of the Dacia union, told Libertatea that the negotiations are in full swing and the final result could be announced early next month.

“It is in the negotiation phase right now, we cannot speculate at this point what will happen. The final announcement could be made early next month,” Ungureanu said.

Renault is expected to make a presentation to investors in early November, where it is expected to unveil plans for the electric car division, codenamed “Ampere”.

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Employees would prefer Renault to remain the main shareholder, not the Chinese side, according to information from Libertatea.

Libertatea also asked the Minister of Economy, Florin Spătaru, for a point of view, but at the time of publication of the article we had not received any response.

Saudi Aramco, the giant of Saudi Arabia

Another possible partner in the heat engine division could be oil giant Saudi Aramco, the world’s largest producer of crude oil.

Aramco would hold a minority stake.

The Saudi group recorded revenues of 400.4 billion dollars in 2021 and a profit of 105.3 billion.

Nissan doesn’t want Mioveni

According to the aforementioned source, Nissan – a partner of the Renault alliance – does not want to take a stake in the French thermal engine division. Renault had proposed it to the alliance partners.

However, Renault officials are in discussions with Nissan about the future of the partnership between the two manufacturers.

Renault owns 43% of Nissan, which in turn controls 15% of Renault.

Renault wants Nissan to invest in its electric car division.

In exchange for the investment, Renault would then reduce its stake in Nissan to 15%, according to sources.

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Mitsubishi, the third partner of the alliance, is considering owning up to 10% of the electric car division.

Electric Dacha, made in China

Dacia already produces an electric car, called Dacia Spring.

The model is manufactured in China by Dongfeng, Renault’s Chinese partner.

Dongfeng Motor is state-owned and the third largest automaker in the Asian country.

In 2014, the Chinese group participated in the rescue of Peugeot and Citroen from bankruptcy.

Meanwhile, the PSA Group – which owned the two French carmakers – merged with Fiat Chrysler and Dongfeng became a shareholder in Stellantis, the resulting new group.

Meanwhile, Dongfeng has started selling his shares in Stellantis. In 2020 he still had 4.5% of the car problem.

According to Fortune, Dongfeng Motor posted total revenue of $ 86.1 billion and net income of $ 1.44 billion in 2021. The group has 141,000 employees.


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