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PARIS (Reuters) -China's Geely Automobile Holdings and an oil group are in talks about taking stakes in the fossil-fuel engine unit Renault plans to separate from its electric vehicle (EV) business, two sources close to the French carmaker said. But Renault's alliance partner, Japanese carmaker Nissan, does not plan to take a stake in the combustion engine unit, the sources told Reuters.
SHANGHAI (Reuters) -China's Geely Automobile Holdings Ltd aims to increase the proportion of electric vehicles (EVs) in its total sales to 50% in 2023, as it accelerates a transition to electric power amid weakening demand for petrol-driven cars. One out of five vehicles Geely sold in the first half were full electric or hybrid, sales of which increased nearly four fold, compared with a 20% slump in sales of vehicles with combustion engines, according to the company. Hangzhou-based Geely, China's highest-profile automaker globally due to the group's investments in Volvo Cars and Mercedes-Benz, posted a 35% fall in first-half net profit.