French automaker Renault and China's Zhejiang Geely Holding (GEELY.UL) said in a joint statement on Monday that they have reached an agreement to produce and sell zero- and low-emission vehicles in Brazil.

Renault and Zhejiang Geely Holding Group are strengthening their partnership and planning to cooperate in the production and sale of electric vehicles (EVs) and low-emission vehicles in Brazil. Renault said Geely will invest in Renault's Brazilian subsidiary and gain access to the company's production,

French automaker Renault and its Chinese partner Geely (GEELY.UL) plan to announce a deal later this month on expanding their cooperation to Brazil, three sources said, as they seek new growth markets amid broadening global trade wars.