Zhejiang Geely Holding Group said it will acquire a 26.4% stake in Renault do Brasil from Renault Group under a definitive agreement signed on Monday. Renault will remain the majority shareholder and continue to consolidate the unit's results.

The deal will allow Geely to tap Renault Brazil's industrial and sales network, with its EX5 electric SUV to be sold through exclusive stores operated under Renault's dealership network.