China’s National Development and Reform Commission (NDRC) today (5 December, 2013) appproved the Dongfeng Renault Automotive Company (DRAC) joint venture.
“Dongfeng Motor and Renault welcome the approval from the Chinese authorities for their joint venture,” the pair said in a statement.
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Renault currently imports vehicles into China but noted it was now “partnering with a heavyweight of the Chinese automotive industry”which already builds vehicles in a separate JV with the French automaker’s alliance partner Nissan.
“This [Dongfeng] alliance will allow Renault to deploy its ambitious strategy in the world’s largest automotive market,” the automaker said.
Dongfeng sees opportunity to further consolidate global resources and achieve rapid development in China while Renault will strengthen its scale and depth in the Chinese market and extend its industrial footprint.
Cooperation will include research and development, purchasing, manufacturing and marketing.
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By GlobalDataAn official signing ceremony will be on 16 December.
