PSA Peugeot Citroen is remaining coy concerning Renault’s announcement it has inked a joint venture with Chinese automaker, Dongfeng, but says it welcomes Europe doing more business with Beijing.
Renault CEO, Carlos Ghosn and Dongfeng chairman, Xu Ping, signed the deal, which will see the joint venture undertake localised production in China through the Dongfeng Renault Automotive Company (DRAC).
Go deeper with GlobalData
“No, we have no comment about that,” a PSA spokeswoman told just-auto from France. “It is good news many European companies are reaching China, but we do not have any comment.”
Speculation continues in France PSA could be on the verge of announcing more cooperation with existing partner, Dongfeng, perhaps also in partnership with the French government, although no details have been released.
“Our latest statement…we announced publicly that we are examining a commercial partnership with them [Dongfeng], is the latest news we have on that topic,” added the PSA spokeswoman.
The Renault agreement secured final approval from the National Development and Reform Commission of China (NDRC) on 2 December.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataTotal outlay for the spend for the 50/50 JV is CNY7.76bn (US$1.3bn).
