China approves $1.3bn Renault-Dongfeng joint venture

GMT 03:13 2013 Thursday ,05 December

Arab Today, arab today China approves $1.3bn Renault-Dongfeng joint venture

Arab Today

 Beijing has approved a long-awaited $1.3 billion joint venture between French carmaker Renault and Chinese giant Dongfeng, the Chinese firm said in a statement Thursday. Each partner will have a 50 percent share in the new company, it said, adding the government had approved the deal and "the production of 150,000 multiple purpose vehicles and engines per year".

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