Renault Alliance Invests in Chinese Electric-Vehicle App Maker

Date : 18/02/2019 @ 10h30
Source : Dow Jones News

Renault Alliance Invests in Chinese Electric-Vehicle App Maker

Renault (EU:RNO)
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   By Nathan Allen 
 

Renault SA (RNO.FR) said Monday that the venture-capital arm of its alliance with Nissan Motor Co. (7201.TO) and Mitsubishi Motors Corp. (7211.TO) has invested in Chinese app developer PowerShare.

Renault's investment comes as European auto makers look to optimize their operations in the Chinese market. Following Beijing's relaxation of foreign-ownership rules and facing the challenge of contracting car sales in China, Europe's car makers--including Peugeot SA (UG.FR) and BMW AG (BMW.XE)--have been diversifying and growing their operations in China.

PowerShare provides an online platform that connects electric-vehicle drivers with operators of charging points and power suppliers.

Renault didn't provide financial terms of the investment.

 

Write to Nathan Allen at nathan.allen@dowjones.com

 

(END) Dow Jones Newswires

February 18, 2019 04:15 ET (09:15 GMT)

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