![](/cdn/assets/images/search/clock.png)
We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Name | Symbol | Market | Type |
---|---|---|---|
Dongfeng Motor Group Company Ltd (PK) | USOTC:DNFGY | OTCMarkets | Depository Receipt |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 13.67 | 11.39 | 14.60 | 0.00 | 13:55:13 |
CHENNAI, India--French auto maker Renault S.A. (RNO.FR) is considering selling electric vehicles in China through a $1.2 billion joint venture with Dongfeng Motor Group Co. (0489.HK), as it seeks to expand sales in the world's biggest car market by volume.
Chief Operating Officer Carlos Tavares said Renault has just received approval from China's environment ministry to set up the joint venture with Dongfeng. The proposal will require approvals from other government departments in China.
The Chinese government had included a green-vehicle component to the joint-venture proposal. The planned 7.2 billion yuan ($1.2 billion) joint venture will have annual production capacity of 150,000 passenger vehicles, including sports utility vehicles and multi-purpose vehicles, China's Hubei Environmental Protection Bureau said in January. According to the bureau, the joint venture will have a factory at Wuhan, the capital of central Hubei province.
Dongfeng is China's second-largest car maker by production and sales after Shanghai-based SAIC Motor Corp. It also makes cars with Nissan Motor Co. and Kia Motors Corp.
"It was for us a competitive advantage and very nice coincidence that the Chinese authorities request that we bring EV technology to the JV we have with Dongfeng, which we are happy to do," Mr. Tavares told reporters late Wednesday.
Mr. Tavares said a decision has yet to be taken about the models that would be introduced in China, but pointed out that Renault "is the only car maker in the world with four electric vehicles on sale."
"So, we just have to decide which one we are going to bring to China. That is something we will decide with our partner at an appropriate moment," he said.
Renault recently started selling the Zoe electric vehicle in Europe. It also makes the Twizy, Kangoo and Fluence models.
Renault is one of the few global car manufacturers that doesn't have a production facility in China. The company sold 29,724 vehicles in China last year, up 22% from a year earlier. French competitor PSA Peugeot Citroen, which makes cars in China, sold more than 440,000 units in the country last year. General Motors Co., the largest foreign car maker in China, sold 2.84 million vehicles.
Nissan, Renault's global partner, has had a partnership with Dongfeng since 2002, and is the biggest Asian car maker in China by sales.
Mr. Tavares said Renault has a majority 51% share of the electric-vehicle market in Europe, although its share of the overall European car market is 9%.
He said Renault is willing to sell its electric vehicles in India, provided the government issues incentives and creates the necessary infrastructure such as car-battery charging points. He cited the example of France where Renault gets 7,000 euros for every electric-vehicle sold to compensate for the higher cost of manufacturing them.
"If you don't get incentives to support the pricing to be attractive, then it doesn't spark," he said.
Write to Santanu Choudhury at santanu.choudhury@dowjones.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
1 Year Dongfeng Motor (PK) Chart |
1 Month Dongfeng Motor (PK) Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions