Renault SA and Brilliance China Automotive Holdings Ltd. signed a strategic cooperation agreement with local officials from China's Liaoning province to boost the growth of light commercial vehicles, or LCVs, in the country.

The companies said Oct. 16 that they aim to produce 150,000 LCVs in China annually by 2022. Renault also confirmed plans to launch three new electric LCVs for the Chinese market within two years.

Renault and Brilliance formed the Renault-Brilliance-Jinbei Automotive Co. Ltd. joint venture in January to produce and sell LCVs under the Jinbei, Renault and Huasong brands.

The announcement comes days after Bayerische Motoren Werke AG said it will take a controlling stake in its joint venture with Brilliance to take advantage of China's decision to remove a ban on foreign ownership in the country's car industry.