Jumia Ends H1 2021 With 7 Million Active Consumers; up by 3%

Esan Bolaji
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Jumia Ends H1 2021 With 7 Million Active Consumers; up by 3%

E-commerce firm, Jumia recently released its financial results for the second quarter ended June 30, 2021. According to the result, Jumia’s Annual Active Consumers reached 7.0 million in the second quarter of 2021, up 3% year-over-year, largely due to the continued acquisition of new consumers whilst engaging the existing ones.

Jumia’s orders reached 7.6 million, up 13% year-over-year. This was the fastest volume growth of the past 5 quarters.

Jumia’s Annual Active Consumers are unique consumers who placed an order for a product or a service on its platform, within the 12-month period preceding the relevant date, irrespective of cancellations or returns. Generally, this is assumed to be a useful indicator for the adoption of Jumia offering by consumers within its markets. 

In terms of trends by categories in the report released, Brand Spur observed the following:

  • Phones and electronics categories continued to see volume declines during the quarter while some of the essential categories such as beauty & personal care or FMCG faced tougher comps, having experienced very strong growth at the onset of the pandemic in the second quarter of 2020.
  • The fastest-growing category on Jumia was food delivery, which posted the highest ever number of quarterly orders, up almost 60% year-over-year and accounting for 22% of total orders on our platform during the quarter. Food delivery is the first area of the business where we deployed our growth acceleration efforts late last year to reignite usage growth after the disruption experienced at the onset of the pandemic.

JumiaPay Transactions increased by 12% from 2.4 million in the second quarter of 2020 to 2.7 million in the second quarter of 2021, the fastest Transactions growth rate of the past 4 quarters. JumiaPay Transactions growth was supported by accelerating volume growth in the business, in the food delivery category in particular.

Jumia reports Q2 2020 results; Operating loss decreased by 44% year-over-year

Overall, 35.4% of Orders placed on the Jumia platform in the second quarter of 2021 were completed using JumiaPay, compared to 35.6% in the second quarter of 2020.

The e-commerce firm saw its Sales and Advertising expense increased by 115% to $17.1 million in the second quarter of 2021 from $7.9 million in the same period last year, as we increased marketing investments across channels to accelerate user growth. This expense was in line with the Sales and Advertising expense in the second quarter of 2019, which reached $16.7 million.

Jeremy Hodara and Sacha Poignonnec, Co-Chief Executive Officers of Jumia, commented,

“We are executing on our acceleration strategy to drive usage growth on our platform and are encouraged to see early signs of success in our business, including posting our fastest growth rate in Orders in the past five quarters.

Over the past 18 months, we have significantly diversified our product category mix, improved our unit economics and strengthened our balance sheet. To build on this momentum and drive the long-term growth of our business, we increased investments this quarter in Sales and Advertising and Technology while continuing to expand our Gross profit after Fulfillment expense.

While we start to see early signs of usage acceleration, these investments are long term in nature and we expect them to pay out over time, as we continue to execute our strategy. Our current focus is on accelerating both e-commerce and fintech adoption, by engaging consumers and sellers into the variety of our services and making our platform even more compelling and relevant as part of their everyday lives.”

A Snapshot of Team Nigeria At The Olympics

Brand Spur
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A Snapshot of Team Nigeria At The Olympics

Team Nigeria finished 74th in the World and 8th best from Africa at the just concluded Tokyo Olympics, with two medals – Silver and Bronze, and we couldn’t be any prouder.

The first week of the 2020 Summer Olympics in Tokyo, Japan saw Team Nigeria achieve memorable feats. Uche Eke became the first Gymnast to represent Nigeria, and Swimmer, Abiola Ogunbanwo became the first to finish a 100m freestyle in under a minute at 59.74 seconds; breaking Ngozi Monu’s long-standing Nigerian 2007 record of 1 minute (1:00.50).

As the Official Beer for Team Nigeria, STAR Lager beer joined patriotic sports enthusiasts in cheering the team to victory. Here are a few updates on what the team got up to at the Olympics.

Athletics

Tobi Amusan won the semi-finals race in 12.62 seconds qualifying for the finals, in the hurdles field. Sprinter Adegoke also did the country proud after finishing in 9.98 seconds to win his first-round heat. Making him the 11th Nigerian in history to run a sub 10.

Team Nigeria’s Mixed 4 x 400m quartet comprising Imaobong Uko, Emmanuel Ojeli, Nathaniel Samson, and Patience Okon-George, set a new African record in the 4×400m mixed relay with a 3:13.60 finish. However, their record-breaking performance wasn’t enough to help them advance to the finals of the event, as they finished fifth in the event’s first round. Having crashed out, they now have their sights on qualifying for the World Championships in Oregon in 2022.

Wrestling

In the 68kg women’s freestyle wrestling event, Blessing Oborududu won a silver medal for Nigeria after losing 4-1 to America. The medal is Nigeria’s second medal won at the Tokyo 2020 Summer Olympics.

Rowing and Gymnastics

Team Nigeria’s Esther Toko became the first Nigerian athlete to compete at the 2020 Summer Olympics in the Women’s Single Sculls rowing event. Toko finished fifth in 8 minutes 58 seconds (8:58.49), to qualify for the repechage stage of the event.

Meanwhile, history was made when Uche Eke became the first Nigerian to represent Nigeria in the Gymnastics event at the Olympics.

Table Tennis and Badminton

In the Tennis Table, Aruna Quadri got knocked out from the competition after losing 4-2 Brazil. Quadri’s fellow teammates Olajide Omotayo, Offiong Edem, and Funke Oshonaike also lost in their respective categories.

Nigeria’s reps for Badminton – Godwin Olofua, and Anuoluwapo Juwon Opeyori (men’s Doubles), including Dorcas Adesokan (Women’s Singles), also sought wins at the competition. Olofua and Opeyori put their all into their games but crashed out after losing 2-0 to Japan and 0-2 to Russia. Dorcas Adesokan also lost her games against Spain and South Korea.

Swimming and Taekwondo

17-year-old Abiola Ogunbanwo broke a 14-year-old record making her the fastest Nigerian woman to finish a 100m freestyle at an impressive 59.74s, but it wasn’t enough to make her advance in the competition. Elizabeth Anyanacho, on the Taekwondo floor, went for a win as the sole representative for Nigeria in the Taekwondo events but lost 12-7 to her Turkish opponent, Nur Tatar.

Basketball

The Nigeria men’s senior basketball team -D’Tigers, challenged for a medal at the 2020 Tokyo Olympics but lost all group games against Australia (84-65), Germany (92-99), and Italy (71-80).

The women’s senior basketball team D’Tigress also lost all three games against the United States (81-72), France (62-87), and (102-83) Japan respectively.

Team Nigeria’s presence at the 2020 Summer Olympics in Tokyo makes it their 17th appearance at the Global competition, and STAR as the Official Beer of the team has been supportive all through the games. The sponsorship is in partnership with the Nigerian Olympics Committee (NOC) and has been of immense benefit to Team Nigeria in their quest for Olympic greatness.

Since the first STAR lager beer bottle rolled out of the bottling lines in the Lagos brewery in 1949, the Star lager brand has been a premium market leader and was listed by the African Business magazine in its 100 Most Admired African Brands in 2015.

Over 70 years after it debuted in the Nigerian brewing sector, Star lager beer has continued to occupy the premium position bringing a brighter shine to millions of fans and actively supporting the development of sports in Nigeria.

Radisson Hotel Group Announces Its 16th Hotel In South Africa With The Signing Of Radisson Hotel Middelburg

Brand Spur
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Radisson Hotel Group Announces Its 16th Hotel In South Africa With The Signing Of Radisson Hotel Middelburg

Radisson Hotel Group is proud to announce the signing of Radisson Hotel Middelburg as part of the Group’s ambitious expansion plan in South Africa. Set to open at the end of 2023, the hotel boosts the Group’s South African portfolio to 16 hotels in operation and under development.

It also places the Group firmly on track to reach its ambition of 150 hotels in operation and under development across Africa within the next five years.

Ramsay Rankoussi, Vice President, Development, Africa and Turkey of Radisson Hotel Group said: “South Africa remains a key focus market for us in Africa, and we are thrilled to announce our 16th hotel in the country following the opening of Radisson RED Johannesburg Rosebank last week.

We are excited to further expand our presence across South Africa at a rapid rate as we continue on the road to recovery following the pandemic. Radisson Hotel Middelburg marks our third Radisson branded hotel in the country, reinforcing the brand’s presence and its strong potential in South Africa.”

Radisson Hotel Group Announces Its 16th Hotel In South Africa With The Signing Of Radisson Hotel Middelburg-Brand Spur Nigeria
Radisson Hotel Group Announces Its 16th Hotel In South Africa With The Signing Of Radisson Hotel Middelburg-Brand Spur Nigeria

The contemporary new-build, 150-room hotel will be located within walking distance of the town’s major shopping complex, the Middelburg Mall, home to over 140 stores, including all South Africa’s renowned retail brands, as well as an array of eateries and banking services. Middelburg is located just off the N4, one of South Africa’s national roads, giving the town access to many nearby towns and larger cities such as Emalahleni, Nelspruit, Pretoria, and Johannesburg.

The town itself is less than two hours away from Johannesburg, while the hotel itself is located just 90 minutes from Johannesburg O.R. Tambo International Airport, and just over a two-hour drive from the Kruger Mpumalanga International Airport in Nelspruit.

Daniel Trappler, Senior Director, Development, Sub-Saharan Africa of Radisson Hotel Group said: “Our entry into Middelburg is a testament to Radisson Hotel Group’s development strategy in the country, in which we have identified key secondary and tertiary towns and cities that are displaying strong market dynamics, encouraging the Group’s growth therein via conversion and new build opportunities.

Radisson Hotel Middelburg will certainly assist in uplifting the town and support its drive to boost tourism as it is the only internationally branded hotel.”

Currently under construction and on schedule to open concurrently with the hotel is the large convention center, situated adjacent to the hotel. Complementing the convention center is the hotel’s own 2300m2 meetings and events area, comprising of a pre-function area and banquet hall as well as eight meeting rooms and board rooms.

Conveniently located within the hotel, the restaurant and bar as well as the lobby lounge and pool bar will offer guests a variety of wholesome cuisine and refreshing drinks. In addition, Radisson Hotel Middelburg will feature a fitness facility, swimming pool, and pool terrace to provide guests with the ideal work/life balance, in true Radisson style.

Middelburg is a growing town situated in the cultural heartland of the Mpumalanga Province, located north of the Gauteng Province in South Africa, bordering Swaziland and Mozambique.

The town is a mining and manufacturing hub for Mpumalanga, home to Columbus Stainless Steel, South Africa and the continent’s only producer of stainless steel flat products. Home to a variety of major companies, most of which relate to the mining industry, Mpumalanga is the country’s primary coal mining area, estimated to produce over 80% of its coal.

Middelburg also serves as a stopover point for many travellers along the N4 and N11, linking Pretoria, Johannesburg, Nelspruit, Mozambique, and Durban.

Jumia’s profit increased by 4% to $26.8M; JumiaPay Transactions up by 12%

Esan Bolaji
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0
Jumia’s profit increased by 4% to $26.8M; JumiaPay Transactions up by 12%

E-commerce giant, Jumia has announced its financial results for the second quarter ended June 30, 2021. Jumia saw its gross profit increased by 4% to $26.8 million in the second quarter of 2021 from $25.6 million in the second quarter of 2020, ahead of marketplace revenue growth as a result of reduced marketplace cost of sales.

According to the report made available to Brand Spur, Jumia’s sales and Advertising expense increased by 115% to $17.1 million in the second quarter of 2021 from $7.9 million in the same period last year, as we increased marketing investments across channels to accelerate usage growth. This expense was in line with the Sales and Advertising expense in the second quarter of 2019, which reached $16.7 million.

Jumia
Image is for illustration purpose only…

JumiaPay Transactions increased by 12% from 2.4 million in the second quarter of 2020 to 2.7 million in the second quarter of 2021, the fastest Transactions growth rate of the past 4 quarters.

JumiaPay Transactions growth was supported by accelerating volume growth in the business, in the food delivery category in particular. Overall, 35.4% of Orders placed on the Jumia platform in the second quarter of 2021 were completed using JumiaPay, compared to 35.6% in the second quarter of 2020.

Technology and Content expense increased by 8% to $8.4 million in the second quarter of 2021 from $7.8 million in the same period last year, as we increased our technology investments to support the growth of its e-commerce and payment activities.

General & Administrative expenses, excluding SBC, reached $26.6 million in the second quarter of 2021, down 15% on a year-over-year basis. This trend was mostly attributable to a decrease in provisions, particularly as the second quarter of 2020 included $5mm of provision for class action settlement.

Jeremy Hodara and Sacha Poignonnec, Co-Chief Executive Officers of Jumia, commented,

“We are executing on our acceleration strategy to drive usage growth on our platform and are encouraged to see early signs of success in our business, including posting our fastest growth rate in Orders in the past five quarters.

Over the past 18 months, we have significantly diversified our product category mix, improved our unit economics and strengthened our balance sheet. To build on this momentum and drive the long-term growth of our business, we increased investments this quarter in Sales and Advertising and Technology while continuing to expand our Gross profit after Fulfillment expense.

While we start to see early signs of usage acceleration, these investments are long term in nature and we expect them to pay out over time, as we continue to execute our strategy. Our current focus is on accelerating both e-commerce and fintech adoption, by engaging consumers and sellers into the variety of our services and making our platform even more compelling and relevant as part of their everyday lives.”

Women Of Team Nigeria Shine Brighter With Medals At The Tokyo Olympics

Brand Spur
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Women Of Team Nigeria Shine Brighter With Medals At The Tokyo Olympics

Women of Team Nigeria shaped history for good at the just concluded 2020 Summer Olympics in Tokyo, Japan, where Team Nigeria finished 74th on the medal table with two medals – Silver and Bronze.

Nigeria’s overall performance saw them finish 74th in the world and 8th best from Africa.

The sportswomen gave the country showmanship to cheer on. Like the official beer for the games, STAR Lager, these women have brought a brighter shine to the country with their notable achievements. Here is a list of memorable feats achieved by 5 women of Team Nigeria at the Olympic games.

1.    Ese Brume – Women’s Long Jump

Ese Brume won Nigeria’s first medal at the 2020 Tokyo Olympics. She won a bronze medal after finishing third with a 6.97m jump in the women’s long jump two days after qualifying for the finals with a 6.76m jump.

Reuters / Aleksandra Szmigiel

2.  Blessing Oborududu – Women’s Wrestling

Blessing Oborududu won a silver medal for Nigeria at the finals, in the 68kg women’s freestyle wrestling event. The medal she won is the second and last medal won for Nigeria at the Tokyo 2020 Summer Olympics.

Reuters / Leah Millis

3.   Tobi Amusan – Women’s 100m Hurdles

Team Nigeria’s Oluwatobiloba Amusan, came fourth in the finals competition of Women’s 100m hurdles. It’s a second-time feat she has achieved at a major competition in 2 years.

Reuters / Lucy Nicholson

4.   Abiola Ogunbanwo – Swimming

Swimmer Abiola Ogunbanwo broke Ngozi Monu’s long-standing Nigerian record of 1 minute (1:00.50), held since 2007 to become the first Nigerian woman to finish a 100m freestyle in under a minute at 59.74 seconds.

Reuters / Kai Pfaffenbach

5.   Grace Nwokocha – Women’s 100m Dash

Nigerian track and field athlete Grace Nwokocha, representing Nigeria in the women’s 100m dash, qualified for the semifinals of the event, but got knocked out of the competition. Co-sprinter Blessing Okagbare also qualified for the semi-finals, but she got suspended shortly after by the Athletics Integrity Unit (AIU) after testing positive for a prohibited substance.

As Nigeria continues to celebrate Ese Brume and Blessing Oborududu for the medals brought home, it is a big feat that the female athletes of Team Nigeria advanced as far as they did in the competition, and it sure deserves commendation.

Corruption Allegation: NIPC management reacts to EFCC’s probe of CEO

Brand Spur
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Corruption Allegation: NIPC management reacts to EFCC’s probe of CEO

The attention of the Management of the Nigerian Investment Promotion Commission (NIPC) has been drawn to some media reports that the Executive Secretary/CEO Ms Yewande Sadiku was arrested and detained by the Economic and Financial Crimes Commission (EFCC) on Monday 09 August 2021.

Management clarifies that Ms Yewande Sadiku voluntarily honoured an invitation by EFCC and responded to the issues raised.

NIPC Issues Report On Pioneer Status Incentive Applications For Q3 2020
Yewande Sadiku, Executive Secretary/CEO of NIPC | Brand Spur Nigeria

Management affirms that Yewande Sadiku is a diligent public servant who is proud of her service to Nigeria. She is deeply committed to governance and accountability and therefore challenges anyone with evidence of any wrongdoing by her in her service to the NIPC to make it public.

The petitions being investigated by EFCC contain issues that have been investigated by other anti-corruption agencies, none of whom has indicated that she has any case to answer.

She honoured an invitation by the EFCC on 09 August 2021; she was neither detained nor arrested.

SAH: Richlife Africa Projects Solicit Support To Boost Hunger Fight

Brand Spur
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SAH: Richlife Africa Projects Solicit Support To Boost Hunger Fight

Organizers of the Students Against Hunger (SAH) online reality show are soliciting support for liberators in their quest to eradicate hunger and poverty.

Liberator is a term used to describe participants in the ongoing education and entertainment-based reality show, and Richlife Africa Projects Ltd, organizers of the show said the liberators need votes from Nigerians to scale through the various stages of the talent-based show.

According to the organizers, the Students Against Hunger contest is aimed at empowering Nigerian students. A liberator must be a student in the tertiary institutions in the country, a currently serving, or an immediate past member of the National Youth Service Corps.

Apart from the learning experience liberators will benefit from the contest, the project is equally designed to create millionaires among them.

Speaking on the reality show, Mr. Modestus Bernard, Chief Executive Officer, Richlife Africa Projects said, the Nigerian youths are faced with series of challenges among which are hunger and poverty.

SAH: Richlife Africa Projects Solicit Support To Boost Hunger Fight-Brand Spur Nigeria
SAH: Richlife Africa Projects Solicit Support To Boost Hunger Fight-Brand Spur Nigeria

“Unfortunately, the situation will only get worst irrespective of our howls unless conscious actions are taken to mitigate against the hunger epidemic,” he said.

“RichLife Africa projects, a social enterprise organisation is beaming its attention on Nigerian students within the tertiary institution with the Students Against Hunger (SAH) contest, designed to eliminate hunger and poverty in Nigeria.

“According the famous musician, Bono @U2, if we must eliminate hunger, everyone has to be involved. Let’s fight hunger and poverty together,” he noted.

The reality show which is strictly vote based is expected to make 301 Nigerian students with the highest votes millionaires. Organisers say, 200 liberators will be empowered with N5million each, 100 liberators will smile home with N10million each while the overall winner will cash home the grand prize of N100million.

Mr. Modestus Bernard called on Nigerians to vote for their favourite liberators via the company’s website: www.richlifeafrica.ng and get them to achieve their dreams of becoming millionaires.

“Your votes can make a difference in the life of the students and put smiles on their faces,” he noted.

He added that the show will run until the goal of 100,000,000 votes is achieved.

Xiaomi Tops Android 5G Smartphone Leaderboard in Q2 2021

Strategy Analytics
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Xiaomi Tops Android 5G Smartphone Leaderboard in Q2 2021

According to the latest research from Strategy Analytics, Xiaomi was the world’s leading 5G Android smartphone vendor in Q2 2021.

On shipment volumes of 24 million 5G smartphones, Xiaomi captured 26 percent share of all 95 million 5G Android smartphones shipped globally in Q2 2021.

“Over the past nine quarters Xiaomi has cumulatively shipped 70 million 5G smartphones,” says Ken Hyers, Director at Strategy Analytics. “Xiaomi’s performance places it closely behind Samsung, which has shipped an impressive 77 million 5G smartphones worldwide over the previous 10 quarters. Samsung shipped the world’s first 5G smartphones, beginning in Q1 2019.”

“Huawei remains the cumulative 5G smartphone leader among Android OS phone makers,” says Ville-Petteri Ukonaho, Associate Director at Strategy Analytics. “Huawei has shipped 95 million 5G smartphones worldwide over the past nine quarters but has recently seen its shipment volumes collapse under the weight of a US imposed 5G tech ban. That collapse has opened the door for other Chinese vendors, among them Lenovo-Motorola, Realme, OPPO, and Honor.”

“Lenovo-Motorola is the 5G smartphone growth leader,” says Yiwen Wu, Senior Analyst at Strategy Analytics. “Lenovo-Motorola’s global shipments were up 3480% annually in Q2 2021, on volumes of 1.8 million 5G smartphone shipments for the quarter.

“Realme ranked second in annual growth, up 1773% year-to-year in Q2 2021 on volumes of 5.6 million, while OnePlus, another Chinese vendor, ranked 3rd in growth with shipment volumes improving 877% annually in the quarter.

“Meanwhile, Honor, in just two quarters, has cumulatively shipped 6.5 million 5G smartphones. This is an impressive number considering that Honor only began shipping 5G smartphones mid-way through Q1 2021.”

“These four 5G smartphone vendors,” added Yiwen Wu, “Lenovo-Motorola, Realme, OnePlus, and Honor, are well-positioned for strong growth in the second half of 2021 and in 2022, as they focus on markets and segments such as mid-tier 5G smartphones not fully dominated by their larger peers.”

Ecobank Group Launches 2021 edition of its Fintech Challenge

Esan Bolaji
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0
Ecobank Group Launches 2021 edition of its Fintech Challenge

August 10, 2021 – The Pan-African Banking Group, Ecobank group, seeks innovative start-ups to partner and collaborates with; Applications are now open.

The pan-African banking group, Ecobank group, is inviting African Fintech entrepreneurs to join the 4th edition of the Ecobank Fintech Challenge. The Fintech Challenge is in line with the Bank’s commitment to championing digitization by giving innovative African start-ups the opportunity to promote their fintech solutions.

Ecobank Group

The start-ups can potentially partner with Ecobank to scale their solutions across Ecobank’s 33 African markets as well as its international operations in France.

Applications have opened for entries from all start-ups and developers in any of Africa’s 54 countries and global Africa-centered Fintechs.

All selected Finalists will be inducted into the Ecobank Fintech Fellowship following the Finals and Awards ceremony slated for November 2021. The selected top three winners will receive cash prizes worth $15,000, $12,000 and $10,000 respectively.

Ecobank Group

All Fellows will however qualify to explore the following opportunities with the bank:

  • Multinational product rollout: an opportunity to pursue integration with Ecobank and potentially launch products in parts of Ecobank’s Pan African 33-country ecosystem.
  • Service provider partnerships: Ecobank may select start-ups as pan-African service partners within the bank’s ecosystem.
  • Access to Ecobank’s Pan-African Banking Sandbox: Fellows will be given access to Ecobank’s APIs to test and improve their products for the pan-African market.
  • Mentoring and networking support in the network of global and African partners of the Group.
  • Priority Access to Ecobank’s VC partners for funding exploration.

Mr. Ade Ayeyemi, Chief Executive Officer, Ecobank Group, reiterated Ecobank’s dedication to supporting innovation across the continent, stating

“The global impact of COVID-19 has accelerated the dire necessity to digitize and transform banking operations. As a banking group, we are convinced now more than ever that innovation and technology are the future of banking and therefore reaffirm our continuous commitment to identify and support Africa’s brightest developers to promote their solutions and help improve our services through the Ecobank Fintech Challenge”.

The Challenge resulted in Ecobank successfully launching the Ecobank Investor App, originally developed by Finance Mobile, a start-up from the 2017 Ecobank Fintech Fellows cohort. Following the successful rollout of the app in 9 Ecobank markets and currently launching in additional countries, Ecobank is working on finalizing other such partnerships with Fellows from the 2020 Fintech Challenge.

Dr. Tomisin Fashina, Operations and Technology Executive, Ecobank Group said,

“We are firm believers that Africa’s talent pool is enormous and requires specialized and targeted mentorships to fully crystallize and ready Fintech startups for business engagements. Through the Ecobank Fintech Fellowship, we are creating a learning experience through mentorship sessions with in-house, high-level technical teams and with our global partners to help shape and reshape the strategy and focus of African Fintechs”.

The Ecobank Fintech Challenge was designed in partnership with the advisory firm Konfidants and is supported by several partners across Africa and globally including ACCION, Catalyst Fund, Nedbank VC and Cellulant. Applications will close on 20 September 2021.

Geely and Renault to sign MOU on joint cooperation in key core markets

Brand Spur
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Geely and Renault to sign MOU on joint cooperation in key core markets

Renault Group, a global company with French roots and 120 years of history in the automotive industry, and Geely Holding Group, China’s largest privately-owned automotive group, today jointly announced an MoU framework agreement to create innovative cooperation.

The cooperation focused on China and South Korea as initial key core markets will allow Renault Group and Geely Holding to share resources and technologies. The focus will be on hybrid vehicles in the fast-growing Asian markets.

Geely Automobile

Following the adoption by Geely Holding’s opensource strategy for its full vehicle architectures, Geely Holding will partner with Renault Group in the Chinese and Korean markets.

In China, based on Geely Holding’s existing technologies and mature industrial footprint, both partners will jointly introduce Renault- branded hybrid vehicles. Renault will contribute to branding strategy, channel and service development, defining appropriate customer journey.

In South Korea, where Renault Samsung Motors has over two decades of experience, the MoU allows Renault Group and Geely Holding to jointly explore the localization of vehicles based on Lynk & Co’s energy-efficient vehicle platforms for local markets.

Both partners will continue to seek more in-depth potential partnerships under the spirit of the open and innovative partnership model.

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