The reporter learned from Dongfeng Motor Company that on December 5th, Dongfeng and Renault’s joint venture project for the formation of Dongfeng Renault Automobile Co., Ltd. was approved by the Development and Reform Commission. Both parties will hold a signing ceremony for the joint venture company on December 16.
The joint venture company's total investment is 7.76 billion yuan (about 1.3 billion US dollars), of which Dongfeng Motor holds 55% of the shares, Renault holds 45%. According to the agreement of both parties, the two parties will follow-up the capital increase of the joint venture company to finally form a joint venture company with a proportion of 50% each.
According to report, Dongfeng Renault Joint Venture Co., Ltd. is located in Wuhan Golden Port Industrial Zone, and the factory has already begun construction. It is expected that the foundation will be laid during the year and will be completed by the end of next year. In terms of personnel structure, Renault Global Vice President and Group General Manager Jacques Daniel will serve as President of Dongfeng Renault. Hu Dongdong, former Minister of Dongfeng Motor Legal and Securities Affairs and Head of Capital Operation, will serve as Vice President of the joint venture company. The original Dongfeng Nissan Marketing The deputy head of the office Chen Hao will join the Dongfeng Renault joint venture company as the head of the sales department.
Dongfeng and Renault are very pleased with the government’s approval of their formation of a joint venture company. For Renault, this opportunity will also strengthen its influence and popularity in the Chinese automotive market and expand its market presence. Renault China Executive President Chen Guozhang told reporters that as an importer who has entered the Chinese auto market for many years, Renault is now working with Chinese local leading auto companies. This joint venture will help Renault to develop its vision in China, the world's largest auto market.
The person in charge of Dongfeng Motor Company also revealed to reporters that Dongfeng will use this opportunity to further integrate global resources in order to develop rapidly in the automotive market. With the support of Dongfeng Motor and the Renault-Nissan Alliance, the two parties will further promote close cooperation in each area, especially R&D, procurement, manufacturing and marketing.
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