Renault and Geely have agreed to form a joint venture to produce and sell hybrid electric vehicles in Asia. The carmakers plan to share resources, notably leveraging one another’s existing development, manufacturing and supply chains, especially Geely’s footprint in China and Renault’s in South Korea.

The two OEMs have set out a partnership framework in a memorandum of understanding, although neither have revealed details yet as to what would be the ownership share or controlling interest in any joint venture.