Sources told Reuters that both Renault's Horse unit and Geely may eventually obtain 40 percent of the joint venture.
Renault and Geely said in July last year that the joint venture would be shared equally between the two companies, with Geely dividing its stake between its two subsidiaries, Europe and GHBT, at 33 percent and 17 percent, respectively.
A Renault spokesman said, “The projects are progressing as planned, and we will communicate in due course,” while a Geely Europe spokesman declined to provide any details about the timing of the deal.
The joint project aims to achieve annual sales of 15 billion euros (about 16.1 billion dollars) and employ 19,000 people in 22 locations around the world, mainly in Spain, Romania, Turkey, South America and China.
It will form one of two main pillars of Renault's strategy to stay in the race against larger competitors by signing multiple partnerships to reduce costs and reach new markets.
This plan was recently overshadowed by Renault's establishment of the Ampere unit, which specializes in electric cars, and the sudden cancellation of a plan for an initial public offering for the unit, which the company attributed to unfavorable market conditions.
Renault will publish its results for the full year 2023 next Thursday.
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