* Plant to be built in Wuhan with initial production capacity of 150,000 vehicles/year
* The first vehicles from JV to go on sale in 2016 * Project of 7.76 billion CNY (€870 Million)
- Carlos Ghosn, Chairman and Chief
Executive Officer of Renault, and Xu
Ping, Chairman of Dongfeng Motor, today signed a contract for the creation
of a new joint venture company for localized production in China: Dongfeng
Renault Automotive Company (DRAC). The final approval by the the National
Development and Reform Commission of China (NDRC) was granted on December 2nd,
2013.
The investment for
the 50/50 JV totals 7.76 billion CNY (€870 Million).
The Dongfeng-Renault joint venture will establish a new
manufacturing plant which will start producing vehicles in 2016. The new plant
will have an initial production capacity of 150,000 vehicles per year, with the
potential for double that in the near future.
This plant will be located in the capital of the Hubei
province, Wuhan. The plant will cover a total area of 95 hectares and will lead
to the creation of 2,000 new direct jobs. Each partner will bring unique
advantages for win-win cooperation and deep synergies: R&D, innovation,
design…
DRAC’s product plan will begin with a new range of crossover
vehicles under the Renault brand. At a later stage, the new joint venture will
introduce a range of products under a local brand. Sales of locally produced
vehicles will start in 2016.
The Renault brand has been present in the Chinese market
with the imported cars such as Koleos and Fluence. Renault is now swiching gear
in China with plans for local production. The Chinese new carmarket, now the
world’s largest provides a significant new growth opportunity for Renault.
In 2013, Renault
imported vehicles sales will exceed 30 000 vehicles in China (wholesales),
thanks to the continuous success of Koleos. The Group is developing its
network, set to grow from 92 dealers in 2013 to 120 dealers by 2016.
DFG chairman Xu Ping:
“The launching of the Dongfeng Renault project symbolizes the start of a
comprehensive cooperation between DFG and the Renault-Nissan Alliance. The
project is a creative endeavor and practice in business model under economical
globalization trends. It is a vital milestoneIt is a vital milestone for DFG's
self-dependent development in opening process. We expect Dongfeng Renault will
bring fascinating products and customer satisfactions for China auto market. We
expect the success of Dongfeng Renault."
Carlos Ghosn, Chairman and CEO of Renault: “Dongfeng and
Renault, as parent companies of DRAC, have been closely working together to ensure
the future sucess of DRAC. Our partnership agreement is part of a long term
strategy. The challenge is big and we are ready for it.”
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