Ghosn, Chairman and Chief Executive Officer of Renault, and Xu Ping, Chairman
of Dongfeng Motor, have signed a contract for the creation of a new joint
venture company for localised production in China: Dongfeng Renault Automotive
Company (DRAC). The final approval by the National Development and Reform
Commission of China (NDRC) was granted on December 2, 2013.
investment for the 50/50 JV totals 7.76 billion CNY (€870 Million).
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.
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…
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
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 car market, now the world’s largest
provides a significant new growth opportunity for Renault.
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
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