France’s Renault SA has formally signed a joint venture agreement with China’s Zhejiang Geely Holding Group Co. to set up a new combustion engine and hybrid powertrain company.

Renault SA is inviting investment banks to pitch for a role on the planned initial public offering of its Ampere electric vehicle business, according to people familiar with the matter.

Renault SA is in discussions with truck maker Volvo AB to collaborate on the French carmaker’s new electric van project to take on rivals such as Stellantis NV, according to people familiar with the matter.

Renault SA’s board named CEO Luca de Meo as a director and reappointed Chairman Jean-Dominique Senard for another four-year term, a sign of support for their plan to reshape the partnership with Nissan Motor Co.

Renault Trucks has helped Coca-Cola beat Pepsi and Tesla Inc. to the punch on electric deliveries. Coca-Cola will start using battery trucks from the Volvo AB-owned brand for local trips in Belgium on Nov. 24.

Renault SA and China’s Geely announced plans on Nov. 8 for a jointly owned venture to produce gasoline-powered and hybrid powertrains, adding to a series of partnerships between global automakers to share soaring technology costs.

Russia will take control of French car manufacturer Renault’s operations in the country and resurrect a Soviet-era auto brand, officials said May 16, marking the first major nationalization of a foreign business since the war in Ukraine began.

After the invasion of Ukraine, international carmakers are winding down Russian operations in droves.

Renault SA plans to sell shares in Daimler AG worth about $1.4 billion (1.2 billion euros) to secure funds for its turnaround efforts after a record annual loss.

BEIJING — Renault SA said April 14 it will shut down its main China business and focus on electric and commercial vehicles.