Dongfeng partners PSA to export cars
Print Edition
DONGFENG Motor Group and joint venture partner PSA Peugeot Citroen signed a global strategic partnership agreement yesterday to help them expand presence in Asia.
The deal was sealed three days after the French carmaker announced a 3-billion-euro (US$4.1 billion) capital increase, in which Dongfeng’s purchase of a 14 percent stake in its partner of 22 years will put the Chinese automaker along with the French government and the Peugeot family as PSA’s biggest shareholders.
The strategic tie-up will enable the two companies to set up a new joint venture to export cars made by their jointly-owned Dongfeng Peugeot Citroen Automobile Co, as well as other PSA cars, to other Asia markets and possibly beyond in the future. Also, Dongfeng may boost the export of its self-branded products by sharing a sales network.
The two partners will set up a new research and development center to share expenses in new vehicle platforms, models and auto parts targeting emerging markets.
These measures are expected to drive Dongfeng Peugeot Citroen Automobile to sell 1.5 million cars annually in 2020 from 550,000 units last year.
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