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Share Name | Share Symbol | Market | Type |
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Stellantis NV | BIT:STLA | Italy | Ordinary Share |
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PARIS-- French car maker Renault (FIATY, RNO.FR) said Tuesday it has agreed to manufacture a new light-commercial vehicle in France for Italian peer Fiat Spa (F.MI), starting in the second quarter of 2016.
The new model, which will be branded as a "Fiat Professional," will be developed by the Italian firm based on a Renault platform and will be produced by Renault's factories in France, the French company said in a statement.
A Renault official said the company would provide more details on the size of the new model in September, as well as the number of vehicles to be produced.
The deal would allow Renault to boost capacity at its French factories, which have been working at a slower pace than its plants in other countries with lower costs. The company has been recovering from a prolonged slump as car sales in Europe fell to a multiyear low in 2013. In its key domestic market, Renault's new-car registrations rose 25% in June, though most of the increase came from cars assembled outside France.
Write to Inti Landauro at inti.landauro@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
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