The company was established in 1951 in Valladolid as FASA (Fabricación de Automóviles Sociedad Anónima de Valladolid) by Spanish interests, a license having been obtained to allow local production of Renault vehicles. In 1965 Renault increased its shareholding in the company from 15% to 49.9% and the company name was changed to FASA-Renault. Renault was permitted to become a major shareholder in the company in 1976 and by December 2000 FASA-Renault was fully owned by the Renault Group.
Most of the Renault range was assembled in Spain (Valladolid and Palencia), excluding the bigger cars like the 20/30 and 25. The Renault 7 which was produced by FASA-Renault from 1974 to 1984 is a locally developed four-door sedan version of the original Renault 5 hatchback.