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Renault Korea Motors chief Stephane Deblaise explains its business plan for Korea Renault Samsung Motors Corp., the South Korean unit of Renault S.A., has dropped Samsung from its name as the French automaker moves to end 22 years of business ties with the Korean conglomerate.Renault said on Wednesday it has rebranded the company’s Korean business Renault Korea Motors Co.Samsung Group entered the automotive industry in 1994 by launching Samsung Motors, which was acquired by Renault in 2000 following the 1997-98 Asian financial crisis.Renault currently holds an 80.1% stake in the joint venture, while Samsung Card Co. holds 19.9%.Samsung Card, the second-largest shareholder of Renault Korea, plans to sell its 19.9% stake by the end of this year. Among the interested parties in the stake are Chinese automakers, according to industry watchers. Renault Korea Motors' new logo “We don’t see any further benefit from our partnership with Renault. The French automaker has also established its brand in the Korean market for the past two decades,” said a Samsung official.Samsung has received royalties from Renault for use of its name in the JV brand. Samsung's brand deal with Renault ended in August 2020 with a probation period of two additional years.RENAULT TO FOCUS ON EVs IN KOREAOn Wednesday, Renault Korea also unveiled its new logo, which is simplified but at the same time maintaining the exiting typhoon design.The company said it will strengthen its lineup for the Korean market, focusing on electric vehicles. To that end, it plans to develop new eco-friendly models both for domestic and overseas markets by cooperating with Zhejiang Geely Holding Group Co., China’s largest privately-owned carmaker. Renault's XM3 compact SUV sold as the New Arkana in Europe Earlier this year, Geely said it has joined hands with France's Renault to jointly design and produce electric hybrid and gasoline-fueled vehicles in Korea for domestic sales and exports.The vehicles will be manufactured at Renault Korea’s facility in Busan with production forecast to begin in 2024.Renault’s Korean business sold 61,096 units in the Korean market in 2021, down 36.3% from the previous year.Stephane Deblaise, head of Renault Korea Motors, said the company will seek to develop vehicles tailored to Korean taste as well as suitable for exports.By Il-Gue KimBlack0419@hankyung.comIn-Soo Nam edited this article.
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