BEIJING -- Renault is looking to revive business in China by forming a joint venture with Geely Holding Group for hybrid vehicles.
The two companies have signed a framework agreement to set up the JV, which will build and sell Renault-branded gasoline-electric hybrid cars in China using Geely's technologies, supply chains and manufacturing facilities.
Renault will focus on sales and marketing.
As part of the partnership, announced Monday, the two automakers also agreed to explore a joint localization of Geely's Lynk & CO hybrid vehicles in South Korea, where Renault has been manufacturing and selling cars for more than two decades.
The venture would focus on China and South Korea initially but would likely be expanded to cover fast-growing Asian markets.
Geely and Renault are also looking at developing full-electric cars for the venture, one source familiar with the matter said.
The new venture is modeled on an EV-focused ve…