Renault and Geely in 2021 signed a Memorandum of Understanding for a comprehensive deal that will see them jointly introduce Renault-branded hybrid vehicles in Asia using technology supplied by Geely and its Volvo brand.

Under the deal, the vehicles are to be developed and produced in South Korea by Renault's local unit, Renault Korea Motors, both for local sale and export, with Renault signed up to commit more than 900 million euros (approximately $875 million) to the project over the next six years.

The first of these vehicles was teased this week and confirmed to start production in 2024. It's a coupe-like crossover based on a platform developed by Geely and Volvo, thought to be the compact CMA platform found in vehicles like the Volvo XC40 and multiple models from Geely's Lynk & Co. brand.

Renault's deal with Geely may also lead to Renault-branded hybrids being produced in China, using production capacity supplied by Geely. It comes after Renault ended its unsuccessful joint venture with China's Dongfeng in 2020.

While there's no plan to introduce any Renaults to the U.S., there is the possibility Renault also produces vehicles for Geely in South Korea, such as those from the Lynk & Co. brand, and according to reports these could potentially be exported to the U.S. without tariffs, thanks to the free-trade agreement between the U.S. and South Korea.