WUHAN, Hubei – Dongfeng Motor Group Co., Ltd. announced on December 5 that its joint venture with French automaker Renault S.A. has received approval from the National Development and Reform Commission (NDRC).
The 50:50 joint venture will have a total investment of ¥7.7556 billion ($1.3 billion) and planned annual production capacity of 150,000 multiple purpose vehicles and engines, according to Dongfeng’s statement.
The signing ceremony for the JV will be held on December 16 in Wuhan, Hubei Province, reported auto.sohu.com.
Preparation for the construction of Dongfeng-Renault’s plant located in Wuhan has started. The plant is expected to be completed at the end of 2014 and goes into production at the beginning of 2015. The first vehicle to be produced by the JV will be the Renault Koleos SUV.