(Yicai) July 10 -- Renault Group’s electric vehicle unit Ampere is teaming up with leading Chinese investors CICC Private Equity Investment Management, Hangzhou Capital and Hangzhou Hi-Tech Investment Holding Group to establish a strategic new energy vehicle industry fund in Hangzhou, the French automaker said today.

This marks Renault’s first collaboration with Chinese private equity firms and local industrial capital. The fund will target cutting-edge areas, including batteries, autonomous driving, smart cockpits, automotive software and embodied artificial intelligence, aiming to tap into promising investment opportunities across the NEV ecosystem.

Last year, Renault set up a new research and development center in Shanghai called the Advanced China Development Center, with a focus on the development of electric vehicles for the European market. The Boulogne-Billancourt company also aims to learn from the Chinese market to reduce production costs and speed up development.

The launch of this industrial fund is another major step in Renault's China strategy, following the formation of the ACDC R&D team in 2024, said Renault China Chairman and Chief Executive Officer Weiming Soh.

Renault aims to work with leading innovators in the NEV sector through this fund, to move beyond the traditional business model between original equipment manufacturers and suppliers, and foster an open innovation ecosystem.

In China, Renault has shifted from a vertical partnership model with suppliers to a more horizontal, ecosystem-driven strategy. Through the continuous development of a collaborative ecosystem that includes OEMs and the supply chain, Renault aims to accelerate its transition to electric vehicles.

Editor: Kim Taylor