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Renault SA and Dongfeng Motor Group create 50/50 joint venture to set up new manufacturing plant

Monday, 16 Dec 2013 02:31am EST 

Renault SA:Signs a contract with Dongfeng Motor Group Co Ltd for the creation of a new joint venture company for localized production in China.Says the investment for the 50/50 JV totals 7.76 billion yuan (870 million euros).Says the Dongfeng-Renault joint venture will establish a new manufacturing plant which will start producing vehicles in 2016, with initial production capacity of 150,000 vehicles per year and the potential for double that in the future.Says the plant will be located in the capital of the Hubei province, Wuhan, will cover a total area of 95 hectares and will lead to the creation of 2,000 new direct jobs.Says at a later stage, the new joint venture will introduce a range of products under a local brand.Says sales of locally produced vehicles will start in 2016. 

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