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Renault Samsung Motors is an automobile manufacturer in South Korea, co-founded by the Renault Group and the Samsung Group. The brand was initially established by Samsung Group Chairman Lee Kun-hee in 1994 and was originally named Samsung Motors, not Renault Samsung. During the 1998 Asian financial crisis, the French Renault automobile company acquired the majority stake in Samsung Motors and renamed it Renault Samsung Motors. Renault Samsung Motors is the third-largest automobile manufacturer in South Korea, with its headquarters located in Bongeunsa-dong, Jung-gu, Seoul, the production plant in Gyeongsan-gu, Busan, and the design center and research institute in Yeongtong-gu, Suwon, Gyeonggi Province. The product line of Renault Samsung Motors covers a variety of models, including sedans and SUVs. Renault holds 80.4% of the shares in Renault Samsung Motors in Busan, South Korea, ranking after Hyundai Motor Company, Kia, and GM Korea in the South Korean automotive industry. The brand licensing agreement between Renault Samsung Motors and Samsung Electronics expired in August 2020, and the two parties failed to reach an agreement on the renewal. Renault Samsung Motors planned to rename itself Renault Korea in 2022. Renault Samsung Motors' sales volume in 2020, including exports, was 116,000 vehicles, which is relatively low compared to other South Korean automotive brands in terms of market share.