Renault has announced that it would change its name in Korea from Renault to Renault. Renault Korea Motors to Samsung Motors Since 2000, when Samsung Motors became a part of Renault, the vehicle manufacturer has been known as Renault Samsung Motors. Renault has announced that it will alter its name in order to improve its image as a Korean domestic carmaker.
Renault Korea Motors began using the new name on March 16, and its formal corporate name will be changed by August.
Renault owns 80.1 percent of Renault Korea Motors, while Samsung owns the remainder. Samsung's agreement with Renault to use its name in the brand expired in August 2020, but a two-year extension was agreed upon, which will expire this August.
In exchange for utilizing its name, Samsung obtains royalties from the automaker's domestic earnings each year. Renault pays it 0.8%, to be precise.
Renault Korea Motors has designed a new logo with a reworked cyclone-shaped insignia to preparation for the name change. Renault Korea Motors intends to expand its domestic vehicle lineup in collaboration with Zhejiang Geely Holding Group.