Arab Today, arab today renault signs 13bn joint venture deal with china\s dongfeng
Last Updated : GMT 06:53:52
Arab Today, arab today
Arab Today, arab today

Renault Signs $1.3bn Joint venture deal with China\'s Dongfeng

Arab Today, arab today

Arab Today, arab today Renault Signs $1.3bn Joint venture deal with China\'s Dongfeng

Beijing - AFP

French carmaker Renault signed a $1.3 billion joint venture agreement with China's Dongfeng Monday, finally ending a decade without a manufacturing presence in the world's biggest car market. Renault CEO Carlos Ghosn described the project as a "strategic alliance". "China has the biggest growth potential in the world," he said, adding: "Dongfeng has paramount knowledge of the Chinese market." There were many opportunities in China, especially in developing electric vehicles, he said. "This project is about exploring new frontiers. The challenge is big but we are ready and well-prepared." The joint venture in Wuhan, in the central province of Hubei, is expected to start production in 2016 and will have an initial capacity of 150,000 vehicles a year. Renault was the only global top 10 carmaker not to have a production plant in China. It already has a partnership alliance with Nissan, and is the Japanese firm's biggest shareholder. Dongfeng -- China's second-biggest carmaker, with sales of 3.08 million vehicles in 2012 -- has existing joint ventures with both Nissan and Renault's troubled French rival Peugeot. But analysts say Nissan's sales are hit when diplomatic tensions mount between Beijing and Tokyo. "I hope we're going to see a new success with Dongfeng-Renault," said the Chinese firm's president Xu Ping, adding that it "will help us to go global". The project with Renault has been a decade in the making, after a previous unsuccessful joint venture by the French firm in China. Renault began operations with China Space Sanjiang Group in 1993 to manufacture the Traffic minibus, but production stopped in 2003. Dongfeng and Renault have been in talks since then. Total auto sales in China rose 4.3 percent year-on-year in 2012 to 19.31 million, and surpassed that figure in just the first 11 months of this year.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today renault signs 13bn joint venture deal with china\s dongfeng Arab Today, arab today renault signs 13bn joint venture deal with china\s dongfeng

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today renault signs 13bn joint venture deal with china\s dongfeng Arab Today, arab today renault signs 13bn joint venture deal with china\s dongfeng

 



Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Zainab Fadel Oglu designs “Shakerin” mosque

GMT 12:13 2017 Thursday ,11 May

Zainab Fadel Oglu designs “Shakerin” mosque
Arab Today, arab today Seeks to move past rift with Israel

GMT 08:00 2017 Monday ,08 May

Seeks to move past rift with Israel
View News in Arabic - Business: أخبار الشركات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday