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Renault CEO plots China return as joint venture restructures

New alliance with Geely focused on getting South Korea back on track

The French automaker returned to the black last year, but its Chinese and South Korean operations continued to lose money.   © Reuters

HONG KONG -- Groupe Renault is in retreat in China just as its European rival BMW is about to take majority ownership of its joint venture with a local partner there. But CEO Luca de Meo says the French automaker will return to the world's largest car market.

"We got to go back to China, and one day, I hope it will happen," de Meo said at an earnings press conference held on Friday. China is a "front-runner in many technologies and in consumer demand," he said, adding that Renault would have to offer something unique to order to mount a comeback.

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