An automobile joint venture has approved in ShenZhen
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An automobile joint venture has approved in ShenZhen
Author:Xinchengda   Article source: Shenzhen Xinchengda Financial Consultancy Co., Ltd.  Hits:1305  Add time:2011-7-19  
 
 
 
    THE National Development and Reform Commission has approved the establishment of an automobile joint venture in Shenzhen.
    With registered capital of 4 billion yuan (US$606 million), the joint venture would be co-founded by leading French automaker PSA Peugeot Citroen and China Chang’an Automobile Group (CCAG), each with an equal share in the new company.
    The project would be built in Bao’an District in two stages.
    Costing more than 8.4 billion yuan, the first stage would include production lines with a combined output of 200,000 cars each year, the paper said.
    In addition, more than 500 million yuan would be spent on a research and development center in the first stage to sharpen the new company’s innovative edge.
    The first stage is scheduled to open at the end of 2012.
    The second stage would include production lines capable of producing 500,000 finished automobiles each year.
    The company would develop and manufacture Citroen DS models, a high-end brand of the French carmaker, and its MC7 sports vehicle.
    The company would also produce CCAG cars and its own G9LV multi-functional and commercial vehicles.
    The new company was expected to raise the technological level of the city’s auto industry and make it possible for the city’s annual production capacity to reach more than 600,000 passenger vehicles, the paper said.
    Hybrid and electric vehicles, as well as environmentally friendly engines, would also be developed and manufactured by the joint venture.
    One of the four leading automakers in China, the Beijing-based CCAG was co-founded by China South Industries Group Corp. and Aviation Industry Corp. of China in 2005 with fixed assets of more than 75 billion yuan.
    The second-largest car maker, PSA Peugeot Citroen, sold more than 3.6 million cars last year, a 13-percent increase year on year.
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