Renault CEO visits Seoul, confirms joint venture

The CEO of Renault, Luca de Meo, confirmed a joint venture with Geely Volvo on Tuesday during his visit to the South Korean capital. "This plan is approved on a couple of cars for the time being," de Meo said following the launch of a new logo for Renault Korea.

Its new platform will develop hybrid cars, but de Meo said Renault has not closed the door on the internal combustion engine entirely. Once the motor company views the success of hybrid electric vehicles, de Meo said the production of electric cars will depend on demand.