(Reuters) – China’s Geely Automobile Holdings agreed on Tuesday to purchase around 34% Renault Korea Motors, an affiliate of French carmaker Renault Group for 264 Billion won ($207.16 Million), will expand its reach into the country’s electric vehicle market.

Renault Korea Motors will sell 45.4 Million shares to Centurion Industries Limited for 5,818 won each.

($1 = 1,274.3600 won)