Renault has revealed it will change its name in Korea from Renault Samsung Motors to Renault Korea Motors.
The car manufacturer has been operating as Renault Samsung Motors since 2000 when Samsung Motors became a subsidiary of Renault. The French car manufacturer has revealed it will now change its name in a bid to enhance its image as a domestic carmaker in Korea.
“Under the new name Renault Korea Motors, we will revise product and service competitiveness to meet the high standards of domestic consumers and focus more on the Korean market,” the company confirmed in a statement.
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Renault Korea Motors’ new logo
Renault Korea Motors started using the new name on March 16 and will change its official corporate name by August, the Korea Herald reports.
Renault holds an 80.1 per cent stake in Renault Korea Motors while Samsung owns the rest. Samsung’s deal with Renault to use its name in the brand ended in August 2020 but a two-year extension was agreed on which ends this August. Samsung receives royalties from the automaker’s domestic earnings each year in exchange for using its name. Renault pays it 0.8 per cent to be precise.
To prepare for the name change, Renault Korea Motors has designed a new logo with a revised cyclone-shaped emblem.
Renault Korea Motors is planning to grow its domestic range of vehicles with Zhejiang Geely Holding Group.
“We expect our newly appointed CEO Stephane Deblaise who majored in engineering in university and served as a program director for mid- to large size vehicles, to contribute in successfully stabilizing Renault Korea Motors,” the company said.
