SEOUL – Renault’s South Korean unit plans so as to add infrastructure at its plant within the southeastern metropolis of Busan to construct electrical automobiles, the town’s authorities mentioned.

The automaker goals to provide 200,000 EVs a yr at its Busan services, a press release issued by the town cited Renault Group Govt Vice President Guido Haak as saying.

Renault has been making and promoting automobiles in South Korea, largely based mostly on European fashions, for over 20 years through Renault-Samsung Motors and may construct 300,000 automobiles a yr in its manufacturing facility in Busan.

The automaker is partnering with China’s Geely to transform the Busan manufacturing facility into an export hub for mid- to large-size automobiles.

Renault and Geely signed an settlement final yr to collaborate on constructing new fashions in Busan, with manufacturing forecast to start in 2024.

The funding plan was unveiled when Haak met with Busan Mayor Park Heong-joon throughout a go to to France this week, the place Haak known as for South Korea’s help to show the Busan plant into its future manufacturing hub, Park’s workplace mentioned.

It was not instantly clear how a lot Renault deliberate to take a position to construct the EV manufacturing services.

Renault Korea didn’t have an instantaneous remark.

Hyundai Motor mentioned in Could it is going to make investments round 2 trillion gained ($1.54 billion) in Ulsan, South Korea, to construct a chosen EV manufacturing facility.