French automaker Renault and China's Zhejiang Geely Holding (GEELY.UL) said in a joint statement on Monday that they have reached an agreement to produce and sell zero- and low-emission vehicles in Brazil.

Geely will hold minority stake in Renault do Brasil, enabling access to localised production, sales, and service resources.

The Renault Group and Geely Holding are joining forces for the production and sale of zero- and low-emission vehicles in Brazil. Geely intends to acquire a

Production and distribution partnership comes as China’s carmakers look for friendly global markets amid US and European tariffs.

French automaker Renault and its Chinese partner Geely plan to announce a deal later this month on expanding their cooperation to Brazil, three sources said, as they seek new growth markets amid broadening global trade wars.

Renault Group and Geely Holding Group have announced a new partnership to produce and sell zero and low emission vehicles in Brazil. Geely Holding will invest in Renault do Brasil and utilize Renault's production facilities.

French automaker Renault and its Chinese partner Geely said in a joint statement on Monday that they had agreed to produce and sell zero- and low-emission vehicles in Brazil. Renault said that "Renault do Brasil" would welcome Geely Holding as a new partner and that entry into this venture would enable Geely Holding to access the Renault Group's Ayrton Senna Industrial Complex,