China Chang’an Automobile Group and PSA Peugeot Citroën have signed a letter of intent to create a 50/50 automotive joint venture in China.

The JV will produce “environmentally friendly” light commercial vehicles and passenger
cars, PSA said in a statement on Thursday.

“The new JV will complement both parties’ existing JVs in China, without direct competition,” PSA added.

“This JV will be established in full compliance with the relevant laws and regulations in China. Both parties are currently discussing the details of the project.”

PSA has a JV with Dongfeng – Dongfeng Peugeot Citroën Automobile.

Chang’an Automobile Group is based in Chongqing and is China’s fourth largest automaker. Subsidiary Chongqing Changan Automobile Company is listed on the Shenzhen Stock Exchange.

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It has technology sharing and vehicle assembly joint ventures with Suzuki Motor, Ford and Mazda and its Jiangxi Jiangling venture with Jiangling Motors produces the Landwind SUV which is also exported.