Geely Holding Group and Renault Group have announced the signing of a memorandum of understanding (MoU) to create a joint venture (JV) between both companies. The cooperation serves to accelerate the latter’s “Renaulution” plan and will focus on China and South Korea as initial core markets.

According to an official release, both parties will share resources and technologies to develop hybrid vehicles in the aforementioned Asian markets. More specifically, in China, Geely will provide its expertise to help develop Renault-branded hybrid vehicles, while Renault will “contribute on branding strategy, channel and service development, and defining an appropriate customer journey.”

This is a significant move, as it will see Renault attempt to regain a foothold in China after withdrawing from a prior JV (Dongfeng Renault) with Dongfeng Motor Group last year. The French company also has other Chinese partnerships, including one with Brilliance Jinbei focused on commercial vehicles called Renault Brilliance Jinbei.

There’s also eGT New Energy Automotive, which involves Renault, Nissan and Dongfeng, that is responsible for building the all-electric K-ZE as well as the Dacia Spring Electric. Joining the list is Jiangxi Jiangling Group Electric Vehicle (JMEV), which is another JV between Renault and Jiangling Motors Corporation Group (JMCG) centred on electric cars.

Meanwhile, in South Korea, where Renault Samsung Motors has over two decades of experience, the MoU will allow both parties to explore the localization of vehicles based on Lynk & Co’s energy-efficient vehicle platforms for local markets. The announcement did not include a time frame for the JV or any specific vehicle models that will be put to market.