Chongqing Changan Automobile will take over from its parent a joint venture with PSA Peugeot Citroen, the Shenzhen-listed company said on Thursday.
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China Changan Automotive Group, which controls Chongqing Changan, has pledged to inject its stake in the joint venture, together with two other local assets, into Chongqing Changan when it is operational, Chongqing Changan said in a stock exchange filing cited by Reuters.
The Changan-Peugeot joint venture will focus initially on launching Citroen’s DS line of premium small cars in China, as well as introducing a dedicated new brand for the venture, the companies said in July.
China Changan and Peugeot will invest a combined CNY84bn (US$12.4bn) in the 50:50 tie-up.
