127岁“老爵爷”，联手杭州LP

Core Viewpoint - Renault Group is collaborating with Chinese private equity firms to establish an investment fund focused on the electric vehicle sector, marking a significant step in the partnership between state-owned LPs and foreign capital [5][7][17]. Group 1: Renault's Strategic Moves - Renault's CEO Luca de Meo visited China in early November 2023, meeting with Dongfeng Group and Geely, indicating a strong interest in the Chinese market [4][5]. - The newly announced investment fund will target areas such as batteries, intelligent driving, and software, aligning with Renault's strategy to leverage China's innovation capabilities [7][10]. - Renault's "Renaulution" strategy aims to revitalize the company by focusing on profitability, product innovation, and transforming its business model towards technology and mobility solutions [9][10]. Group 2: Historical Context and Performance - In 2020, Renault reported its worst financial performance, with global sales dropping by 21.3% and a net loss of €8.05 billion, prompting a strategic overhaul [8]. - Under Luca de Meo's leadership, Renault has seen a turnaround, with a projected 1.3% increase in sales to 2.26 million units in 2024 and a significant rise in electric vehicle sales by 87.9% year-on-year [13]. Group 3: Investment Fund and Collaborations - The new fund is a continuation of Renault's previous investment initiatives, such as the Alliance Ventures fund established in 2018, which aimed to invest $1 billion over five years [15][16]. - The collaboration with Hangzhou's state-owned capital is strategic, focusing on technological innovation rather than production capacity, as evidenced by Hangzhou's strong tech ecosystem [17][18]. - The partnership reflects a growing trend of local state-owned LPs collaborating with foreign capital, with Hangzhou's previous successful ventures in the automotive sector serving as a model [18].