Changan Automobile Group is selling its 50% stake in a joint venture with PSA Peugeot Citroen to its listed unit, Chongqing Changan Automobile, sources have said, in a sale worth CNY2bn (US$320m).
An unnamed executive at the Chinese parent company told China Daily the move was aimed at streamlining its business and the group’s relationship with PSA remains unchanged.
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PSA Peugeot manufactures Citroen DS models through the venture with Changan, which has an annual production capacity of 200,000 vehicles. PSA also has a partnership with Dongfeng Motor Group.
A Peugeot spokeswoman in China told China Daily the shift in ownership would not affect its operation.
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