This file photo provided by Renault Samsung shows the ZOE all-electric car.
SEOUL, March 16 (Korea Bizwire) — Renault Samsung Motors Corp., the South Korean unit of Renault S.A., said Wednesday it has dropped the Samsung brand from its new company name as the deal with the South Korean conglomerate over the brand’s use ends in August.
Starting Wednesday, the company will use the new name of Renault Korea Motors while pushing ahead with the procedure to change the corporate name by August, a company spokesman said over the phone.
From January to February, its vehicle sales jumped 84 percent to 24,827 units from 13,496 a year earlier, helped by strong demand for the XM3 and QM6 SUV models.
Samsung Group first entered the automotive industry with Samsung Motors in 1994 but was acquired by Renault in 2000 following the 1997-98 Asian financial crisis.
Renault currently holds an 80.1 percent stake in Renault Korea Motors.
Samsung’s deal with Renault over the use of its brand ended in August 2020 but they agreed on a two-year probation period that ends in August this year.
Samsung has received a royalty from Renault Samsung Motors’ domestic earnings each year in exchange for the use of its brand in the company’s name.
(Yonhap)
