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Changan sells 50% interest in auto JV
Source: Agencies |
November 30, 2012, Friday
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Print Edition
Print Edition
CHINA'S Changan Automobile Group is selling its 50 percent stake in a car venture with PSA Peugeot Citroen to its listed unit, Chongqing Changan Automobile Co, sources with direct knowledge of the matter said, in a sale worth 2 billion yuan (US$320 million).
An executive at the Chinese parent company, declining to be identified, said the move was aimed at streamlining its business and the group's ties with the French carmaker remains unchanged.
The value of the transaction was released in a statement to a property exchange.
PSA Peugeot makes Citroen's upscale DS models through the venture with Changan, which has an annual production capacity of 200,000 vehicles. The French automaker also has a partnership with Dongfeng Motor Group Co.
China's luxury car market is dominated by BMW, Daimler AG's Mercedes-Benz and Audi.
A Peugeot spokeswoman in China said the ownership change won't affect operation.
The French car maker, which is struggling in Europe, aims to expand annual China sales to 950,000 by 2015, up from 404,000 sold last year, it said in June.
An executive at the Chinese parent company, declining to be identified, said the move was aimed at streamlining its business and the group's ties with the French carmaker remains unchanged.
The value of the transaction was released in a statement to a property exchange.
PSA Peugeot makes Citroen's upscale DS models through the venture with Changan, which has an annual production capacity of 200,000 vehicles. The French automaker also has a partnership with Dongfeng Motor Group Co.
China's luxury car market is dominated by BMW, Daimler AG's Mercedes-Benz and Audi.
A Peugeot spokeswoman in China said the ownership change won't affect operation.
The French car maker, which is struggling in Europe, aims to expand annual China sales to 950,000 by 2015, up from 404,000 sold last year, it said in June.
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