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Renault Samsung Motors Corp. announced on Wednesday, March 16, that it would be changing its name to simply Renault Korea. The South Korean fraction of Renault S.A. is dropping "Samsung" from its company name as its deal with the electronics firm over its use has already expired in August 2020.
According to The Korea Herald, starting this week, that automaker will use Renault Korea Motors as its brand name for all of its businesses and dealings. It will be officially changing its corporate name after going through the right process by August.
Samsung's deal with the French carmaker ended almost two years ago but both sides agreed to a 2-year probation which will expire once again this coming August. Thus, Renault will no longer use the Korean firm's brand name.
Currently, Renault Group owns an 80.1% stake in Renault Korea Motors and it was reported that Samsung has been receiving royalties from Renault Samsung's local profits every year for the use of its name. The 19.9% is still held by Samsung Card with the .06 percent being owned by Renault Samsung Motors' employee stock ownership group.
Now that Renault Korea will start operating on its own brand, it is planning to focus more on eco-friendly vehicles. The aim of this plan is to attract the home market under Stephane Deblaise's leadership.
He is a newly-appointed chief executive officer of Renault's Korean unit and prior to his assignment, he served as advanced project and cross-car line program director at the company's HQ in France. Deblaise also worked as director engineer for the development of vehicle models for the South American market.
Meanwhile, Korea Joongang Daily reported that with Renault changing the word "Samsung" to "Korea," the company is already trying to show that it will put more effort and redirect its focus on the Korean market. The French company acquired Samsung Motors in 2000, just six years after it was inaugurated in 1994. It was sold as the company suffered due to the 1997-98 financial crisis in Asia.
Under its new brand name, Renault Korea Motors will develop its model lineup to boost its business in the local market. The company will especially delve into electric vehicles to keep up with the changing times and technology.
