The Renault-Nissan alliance has increased its bets on China's electric-vehicle market, the world's biggest, by forming a new venture to produce battery-powered automobiles that meet the country's tighter emissions rule.
Renault SA and Nissan Motor Co. will each hold 25 percent of eGT New Energy Automotive Co., which will be 50 percent owned by Dongfeng Motor Group Co., the automobile alliance said in a statement Tuesday.
The partners will design a new EV based on a small sport utility vehicle platform developed by the alliance, it said. Investment details weren't provided.