Renault Korea Plans To Build EV Infrastructure In Busan: Report

French automobile maker Renault SA RNLSY is reportedly planning to build infrastructure to support electric vehicle (EV) manufacturing in the city of Busan, South Korea.

Renault expects to produce 200,000 EVs a year at its Busan facilities, Reuters reported, citing a statement from Busan quoting Renault Group Executive Vice President Guido Haak.

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The plan was revealed when Haak met with Busan Mayor Park Heong-joon during a visit to France.

Haak had reportedly asked for South Korea's support to convert its Busan plant into a manufacturing hub.

The range of investment for the Busan plant was not disclosed.

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Price Action: RNLSY shares closed higher by 1.17% at $7.80 on Wednesday.