EFEShanghai, China

Chinese automaker Geely announced Monday an alliance with France's Renault to develop hybrid vehicles in China and South Korea.

In a statement posted on its official WeChat account, the company - owner of Swedish carmaker Volvo Cars - said that the venture in China will focus on the joint development of hybrid vehicles using Geely's technologies and sold under the Renault brand.

In South Korea, the two automakers will jointly create models suitable for the Korean market based on the "energy-efficient vehicle platforms" of Lynk & Co's, a subsidiary of Geely, taking advantage of Renault Samsung Motors' over two-decade experience in the country.