Peugeot, Changan sign China JV deal
SHANGHAI, July 9 |
SHANGHAI, July 9 (Reuters) - PSA Peugeot Citroen (PEUP.PA) and the parent of Chongqing Changan Automobile Co (000625.SZ) have finalised a deal to set up a 50-50 vehicle manufacturing joint venture in China, the French automaker said on Friday.
The partners will invest 8.4 billion yuan ($1.24 billion) in the venture, capitalised at 4 billion yuan, the company said in a statement.
The deal confirmed an earlier Reuters story.
PSA also operates a car venture with Dongfeng Motor Group Co (0489.HK). ($1=6.776 Yuan) (Reporting by Fang Yan and Jacqueline Wong)
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