French car manufacturer Renault
said a Memorandum of Understanding had been signed to set up a 50:50 joint venture with Plug Power
in France by the end of the first half of 2021 with a target share of over 30% in the European market for light commercial vehicles with fuel cell drives. The joint venture will combine Renault’s vehicle manufacturing capabilities with Plug Power’s fuel cell and hydrogen system manufacturing knowledge, the companies said. Plug Power shares rose 14% in premarket trading, while Renault rose 1.5% in Paris.
The Dow Jones Industrial Average and the S&P 500 have averaged 10% per year for a hundred years. Barrons should know: we’re turning 100.
Steven Goldstein is based in London and is responsible for the financial markets in Europe through MarketWatch, with a special focus on global macros and commodities. Previously, he was head of the Washington office and led MarketWatch’s economic, political, and regulatory reporting. Follow Steve on Twitter: @MKTWgoldstein.
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