French automobile maker Renault SA (OTC:RNLSY) is reportedly planning to build infrastructure to support electric vehicle (EV) manufacturing in the city of Busan, South Korea.
Renault expects to produce 200,000 EVs a year at its Busan facilities, Reuters reported, citing a statement from Busan quoting Renault Group Executive Vice President Guido Haak.
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The plan was revealed when Haak met with Busan Mayor Park Heong-joon during a visit to France.
Haak had reportedly asked for South Korea’s support to convert its Busan plant into a manufacturing hub.
The range of investment for the Busan plant was not disclosed.
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Price Action: RNLSY shares closed higher by 1.17% at $7.80 on Wednesday.
