Arab Today, arab today china approves 13bn renaultdongfeng joint venture
Last Updated : GMT 01:22:36
Arab Today, arab today
Arab Today, arab today

China approves $1.3bn Renault-Dongfeng joint venture

Arab Today, arab today

Arab Today, arab today China approves $1.3bn Renault-Dongfeng joint venture

Beijing - AFP

Beijing has approved a long-awaited $1.3 billion joint venture between French carmaker Renault and Chinese giant Dongfeng, the Chinese firm said in a statement Thursday. Each partner will have a 50 percent share in the new company, it said, adding the government had approved the deal and "the production of 150,000 multiple purpose vehicles and engines per year". The two will invest a total of 7.8 billion yuan ($1.3 billion) in the joint venture, which will be based in Wuhan in the central province of Hubei, said Dongfeng, China's second-biggest carmaker. The project has been a decade in the making, after a previous unsuccessful joint venture by the French firm in China, which is the world's biggest car market. Renault began operations with China Space Sanjiang Group in 1993 to produce the Traffic minibus, but production stopped in 2003. Dongfeng and Renault have been in talks since then. Auto sales in China rose 4.3 percent year-on-year in 2012 to 19.31 million units, hit by limits on numbers imposed by some cities to ease traffic congestion and tackle pollution. But a report by the consultancy McKinsey predicted last year that the country's passenger car market would grow eight percent annually to 22 million units by 2020. Dongfeng has previously been reported to be negotiating to buy a stake in another French car firm, PSA Peugeot Citroen, with which it already has a joint venture. "Through entering into the joint venture contract with Renault SA and the establishment of the joint venture, the overall competitiveness, brand value and technical strength and profitability of (Dongfeng) will be enhanced," the Chinese firm said.

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 china approves 13bn renaultdongfeng joint venture Arab Today, arab today china approves 13bn renaultdongfeng joint venture

 



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 china approves 13bn renaultdongfeng joint venture Arab Today, arab today china approves 13bn renaultdongfeng joint venture

 



Arab Today, arab today
Arab Today, arab today Youssra depended on colored foam

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today unveils Joon - the 'millenials' airline

GMT 13:36 2017 Saturday ,23 September

unveils Joon - the 'millenials' airline
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Iran tests new medium-range missile

GMT 21:24 2017 Saturday ,23 September

Iran tests new medium-range missile
Arab Today, arab today Saudi Arabia to unblock internet calling apps

GMT 11:31 2017 Wednesday ,20 September

Saudi Arabia to unblock internet calling apps
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Ministry seeks to improve education

GMT 14:49 2017 Sunday ,17 September

Ministry seeks to improve education
Arab Today, arab today All eyes on May as she prepares

GMT 10:16 2017 Friday ,22 September

All eyes on May as she prepares
Arab Today, arab today Big Western brands polluting oceans

GMT 20:10 2017 Saturday ,23 September

Big Western brands polluting oceans
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Carmakers face billions in European

GMT 12:37 2017 Saturday ,23 September

Carmakers face billions in European
Arab Today, arab today Mercedes pumps 1 bln euros    

GMT 06:04 2017 Friday ,22 September

Mercedes pumps 1 bln euros    
Arab Today, arab today Lebleba is preoccupied in filming 'Back Street'

GMT 08:56 2017 Thursday ,21 September

Lebleba is preoccupied in filming 'Back Street'
Arab Today, arab today Puerto Rico, Virgin Islands brace

GMT 12:01 2017 Wednesday ,20 September

Puerto Rico, Virgin Islands brace

GMT 08:59 2017 Wednesday ,20 September

Youssra prepares for launching her program

GMT 18:09 2017 Thursday ,21 September

China lifts 10-year travel ban

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha

GMT 06:21 2017 Wednesday ,20 September

France hopeful of persuading Trump

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 08:39 2017 Friday ,22 September

New Hurdles as Republicans Rush

GMT 06:49 2017 Friday ,22 September

O'Leary: Could ground more planes

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 12:46 2017 Thursday ,21 September

Google likely to buy stake in Taiwan smartphone maker HTC

GMT 11:37 2017 Saturday ,12 August

Fashion designer reveals her new collection
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