Dongfeng Motor Group Co.and Renault have received approval from China’s top economic planner to start a US$1.3 billion carmaking venture, the Wall Street Journal reported Wednesday. Each will own 50 percent of the venture which is expected to produce 150,000 multi-purpose vehicles and engines a year, the report said citing a statement from Dongfeng Motor. Neither company said when production will start. Dongfeng is China’s second largest carmaker by production and sales after Shanghai-based SAIC Motor Corp. Renault is among the few global car manufacturers that does not have a production facility in China, the report said.
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