JPMorgan Lifts Gold Price Forecast to $6,300 by End-2026 on Strong Central Bank and Investor Demand 
Bob Iger Plans Early Exit as Disney Board Prepares CEO Succession Vote 
Elon Musk’s Empire: SpaceX, Tesla, and xAI Merger Talks Spark Investor Debate 
India Budget 2025 Highlights Manufacturing Push but Falls Short of Market Expectations 
Panama Supreme Court Voids CK Hutchison Port Concessions, Raising Geopolitical and Trade Concerns 
Oracle Plans $45–$50 Billion Funding Push in 2026 to Expand Cloud and AI Infrastructure 
BOJ Policymakers Warn Weak Yen Could Fuel Inflation Risks and Delay Rate Action 
US Judge Rejects $2.36B Penalty Bid Against Google in Privacy Data Case 
Boeing Secures New Labor Contract With Former Spirit AeroSystems Employees 
Using the Economic Calendar to Reduce Surprise Driven Losses in Forex 
Gold Prices Stabilize in Asian Trade After Sharp Weekly Losses Amid Fed Uncertainty 
UK Employers Plan Moderate Pay Rises as Inflation Pressures Ease but Persist 
Amazon Stock Dips as Reports Link Company to Potential $50B OpenAI Investment 
Oil Prices Slide Nearly 3% as U.S.-Iran Talks Ease Geopolitical Tensions 
Chinalco and Rio Tinto Acquire Controlling Stake in Brazil’s CBA for $903 Million 
American Airlines Plans Return to Venezuela Flights After U.S. Lifts Ban 
Russia Stocks End Flat as MOEX Closes Unchanged Amid Mixed Global Signals 
Renault, a French multinational automobile manufacturer, announced it would be selling some of its Korean unit stakes to China’s Geely Holding Group, an automotive firm. The company is planning to unload a third of its shares for around $207 million or 264 billion won.
As per Reuters, the profits from the sale will be used by Renault for investments in its electric business and slowing core markets. The French automaker’s sales were said to have declined for the third straight year in 2021, and it is now working on its turnaround plan to boost profit margin and catch up with its rivals in the EV business, such as Volkswagen and Tesla.
The fund from the sale will also be used to split up its EV and combustion engine businesses. At any rate, the decision to put its 34.02% stake in Renault Korea up for sale comes just weeks after it was reported that it can lower its stake in Nissan Motor, where it is a top shareholder.
With Geely owning stakes in Renault Korea, it has gained a lot from the deal. For instance, it has gotten closer to three major EV battery producers in South Korea, such as SK Innovation, Samsung SDI, and LG Energy Solutions. This means that it will be easier for Geely to source parts for its electrified cars.
"It is a partnership, and Geely might be knocking on the door of the South Korean EV market," an analyst at Korea Investment & Securities, Kim Jin Woo, said in a statement. "For Chinese firms, building a successful track record in South Korea can help sell EVs in other emerging markets, as well as Europe and the U.S., which the firms continue to knock on the door of, but they are difficult markets."
Despite the stake sale to Geely, Yonhap News Agency reported that Renault still remains the largest shareholder in its Korean unit. Meanwhile, Geely Holding Group and Renault Group have already been working together for quite some time, and in fact, they announced a new collaboration earlier this year.
The two automakers are planning to launch an all-new vehicle lineup of hybrid electric vehicle models that will be designed to be fuel-efficient. They will also produce internal combustion engine units in S. Korea, and production will be carried out in Renault’s plant in Busan, with volume production slated to start in 2024.
